NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Casey Dougal

Drexel University
3220 Market St. #1125
Philadelphia, PA 19104

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NBER Working Papers and Publications

July 2014Urban Vibrancy and Corporate Growth
with Christopher A. Parsons, Sheridan Titman: w20350
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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