Firm listing status and the investment home bias*

被引：4
|
作者：
Dougal, Casey [1 ]
Rettl, Daniel A. [2 ]
机构：
[1] Florida State Univ, Tallahassee, FL 32306 USA
[2] Univ Georgia, Athens, GA USA
来源：
JOURNAL OF CORPORATE FINANCE | 2021年 / 71卷
关键词：
Listing status; Investment home bias; International finance; Investment sensitivity; CASH FLOW SENSITIVITIES; FINANCIAL CONSTRAINTS; INDIVIDUAL INVESTORS; PRIVATE BENEFITS; GEOGRAPHY; FAMILIARITY; DETERMINANTS;
D O I：
10.1016/j.jcorpfin.2021.102095
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Are public firm investment rates more sensitive than private firm rates to new investment opportunities? We offer a new explanation for differences in public and private firm investment sensitivities: investment sensitivities differ because the type of investments favored by firms varies with their listing status. Specifically, we consider the geography of investment opportunities and find that private firms have a much stronger investment home-bias than similar public firms which makes their investment decisions more sensitive to local investment opportunities than public firms. Controlling for local investment opportunities explains four-fifths of the differential sensitivity between public and private firms not explained by more traditional measures of investment opportunities.
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页数：27
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