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Local IPOs, local delistings, and the firm location premium

Baschieri, Giulia and Carosi, Andrea and Mengoli, Stefano (2015) Local IPOs, local delistings, and the firm location premium. Journal of Banking & Finance, Vol. 53 , p. 67-83. ISSN 0378-4266. eISSN 1872-6372. Article.

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DOI: 10.1016/j.jbankfin.2014.12.012

Abstract

Borrowing a measure from ecology, we introduce a spatial dispersion index to quantify the firm traits related to firm geographic location and investigate firm exposure to local home bias and local investor risk tolerance as determinants of corporate market value. Consistent with the investor preference for local stocks, we find listed firms benefit from a location premium that increases with firm isolation and local investor wealth. IPOs and delistings are found to affect the market value of neighboring listed firms: isolated firms decrease in value when they cluster due to local IPOs while clustered firms increase in value as they become more isolated due to local delistings. Local firm clustering and risk tolerance also affect IPO underpricing. Empirical findings depict a framework where IPOs and delistings are locally jointly determined.

Item Type:Article
ID Code:10660
Status:Published
Refereed:Yes
Uncontrolled Keywords:Location premium, local home bias, IPO, delisting, underpricing
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/09 Finanza aziendale
Divisions:001 Università di Sassari > 01-a Nuovi Dipartimenti dal 2012 > Scienze economiche e aziendali
Publisher:Elsevier
ISSN:0378-4266
eISSN:1872-6372
Deposited On:21 Jan 2015 11:21

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