Essays on corporate finance and economies of agglomeration
- Autores: Mahsa Memarian
- Directores de la Tesis: Carles Vergara Alert (dir. tes.)
- Lectura: En la Universidad de Navarra ( España ) en 2018
- Idioma: español
- Tribunal Calificador de la Tesis: Miguel Antón (presid.), Stefano Sacchetto (secret.), Luisa Alemany (voc.), Javier Gomez Biscarri (voc.), Theodosios Dimopoulos (voc.)
- Programa de doctorado: Programa de Doctorado en Ciencias de la Dirección por la Universidad de Navarra
- Materias:
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- Resumen
Firms located in dense urban areas present higher productivity due to the flow of ideas and innovation in these areas. Through this productivity channel, the urban density characteristics of the areas where firms are located affect the stock returns. We use high-resolution satellite images from Google Earth to develop an exogenous measure of potential density increase (PDI) for the 95 most populated metropolitan statistical areas (MSAs) in the US. This measure represents the proportion of area in the total area within a 1 hour drive from the center of the MSA that could rapidly increase its density. We find that firms located in areas with a high potential density increase present lower stock returns: on average a 10% higher PDI of an MSA results in a 0.29% lower excess stock return of firms located in this MSA.
The research leading to these results has received financial support from the Public-Private Sector Research Center at IESE, the Ministry of Economy and Competitiveness (Ref. ECO2015-63711-P), and AGAUR (Ref: 2014-SGR-1496).
The paper has been presented at the Paris Financial Management Conference (PFMC); North American Regional Science (NARSC) meetings in Vancouver; EFMD Solvay Job Fair in Brussels; and the IESE Research Workshop.
