Urban Vibrancy and Corporate Growth

• 成果类型: Article
• 署名作者: Dougal, Casey; Parsons, Christopher A.; Titman, Sheridan
• 署名单位: Drexel University; University of California System; University of California San Diego; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12215
• 发表日期: 2015
• 页码: 163-210
• 关键词: cash flow sensitivities; financing constraints; stock returns; INVESTMENT; cities

摘要

We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries. A firm's investment also responds to fluctuations in the cash flows and stock prices (q) of local firms outside its sector. These patterns do not appear to reflect exogenous area shocks such as local shocks to labor or real estate values, but rather suggest that local agglomeration economies are important determinants of firm investment and growth.