The Geography of Value Creation

• 成果类型: Article
• 署名作者: Dougal, Casey; Parsons, Christopher A.; Titman, Sheridan
• 署名单位: State University System of Florida; Florida State University; University of Southern California; University of Texas System; University of Texas Austin
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab128
• 发表日期: 2022
• 页码: 4201
• 关键词: knowledge spillovers; patent citations; cross-section; cities; PRODUCTIVITY; INVESTMENT; agglomeration; ORGANIZATION; location; GROWTH

摘要

Over the last 20 years, the stock market indicates that value creation has become heavily concentrated in a few headquarter cities. At the same time, firms in value-creating cities have experienced declines in their profitability, because of large increases in wages and rents. Our findings thus highlight the difference between flow-based (e.g., operating profits) and stock-based (e.g., securities prices) indicators of local productivity. Conventional proxies for a city's appeal to high value-added workers, such as education rates and weather, are positively related to stock market valuations, but negatively related to near-term operating performance.