首次公开发行
挤出效应
城市群
货币经济学
拥挤
集聚经济
业务
库存(枪支)
人口
经济
经济地理学
经济增长
地理
人口学
考古
神经科学
社会学
生物
作者
Jess Cornaggia,Matthew Gustafson,Jason D. Kotter,Kevin Pisciotta
出处
期刊:Review of Finance
[Oxford University Press]
日期:2024-04-17
卷期号:28 (4): 1245-1273
被引量:1
摘要
Abstract We test the effect of going public on economic growth in the areas surrounding initial public offering (IPO) firms. We compare the effects of IPO filers that complete their IPOs with those that do not, using post-filing stock market fluctuations as an instrument for IPO completion. We show that IPOs that are large relative to the size of their counties lead to a 1.1 percentage point relative reduction in annual county-level establishment growth, with similar effects for employment and population growth. There are no corresponding effects for relatively small IPOs. These negative effects appear to be driven by a crowding out of local sector peers, but the crowding out also disrupts local agglomerations and slows down growth among other businesses that rely on local demand. Overall, our results indicate that macroeconomic gains from IPOs trade off against disruptions in local agglomeration economies where public firms originate.
科研通智能强力驱动
Strongly Powered by AbleSci AI