NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Urban Vibrancy and Corporate Growth

Casey Dougal, Christopher A. Parsons, Sheridan Titman

NBER Working Paper No. 20350
Issued in July 2014
NBER Program(s):   CF

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.

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Document Object Identifier (DOI): 10.3386/w20350

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