Urban Vibrancy and Corporate Growth

Casey Dougal, Christopher A. Parsons and Sheridan Titman

No 20350, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries. It 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.

JEL-codes: G3 G31 R10 R12 (search for similar items in EconPapers)
Date: 2014-07
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-geo and nep-ure
Note: CF
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Citations: View citations in EconPapers (5)

Published as CASEY DOUGAL & CHRISTOPHER A. PARSONS & SHERIDAN TITMAN, 2015. "Urban Vibrancy and Corporate Growth," The Journal of Finance, vol 70(1), pages 163-210.

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