Urban Vibrancy and Corporate Growth

被引：256

作者：

Dougal, Casey ^{[1
]}

Parsons, Christopher A. ^{[2
]}

Titman, Sheridan ^{[3
]}

机构：

[1] Drexel Univ, LeBow Coll Business, Philadelphia, PA 19104 USA

[2] Univ Calif San Diego, Rady Sch Management, San Diego, CA 92103 USA

[3] Univ Texas Austin, McCombs Business Sch, Austin, TX 78712 USA

来源：

JOURNAL OF FINANCE | 2015年 / 70卷 / 01期

关键词：

CASH FLOW SENSITIVITIES; FINANCING CONSTRAINTS; STOCK RETURNS; INVESTMENT; CITIES;

D O I：

10.1111/jofi.12215

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：163 / 210

页数：48

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