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.

引用

页数：27

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