Local Economic Spillover Effects of Stock Market Listings

Autor:	Alexander W. Butler, Larry Fauver, Ioannis Spyridopoulos
Rok vydání:	2019
Předmět:	Economics and Econometrics Matching (statistics) 050208 finance 05 social sciences Consumer spending Real estate Monetary economics Spillover effect Accounting 0502 economics and business Stock market Business Endogeneity 050207 economics Listing (finance) Initial public offering Finance
Zdroj:	Journal of Financial and Quantitative Analysis. 54:1025-1050
ISSN:	1756-6916 0022-1090
DOI:	10.1017/s0022109019000188
Popis:	We show that initial public offerings (IPOs) have nontrivial positive spillover effects on local labor markets, business environments, consumer spending, real estate, and migration. We mitigate endogeneity concerns about unobserved heterogeneity with restrictive geographic fixed effects coupled with a matching procedure. We show that it is the listing decision, which encompasses both a wealth and liquidity shock, that induces economic spillovers. Conditional on an IPO occurring, we estimate that an additional $10 million in IPO proceeds is associated with an extra 41 jobs and 0.7 new establishments locally.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cea46c82f62276cf00280d80c65deb4f https://doi.org/10.1017/s0022109019000188 Zobrazit plný text záznamu Plný text ve formátu PDF