Cash to spend: IPO wealth and house prices

IF 2 3区 经济学 Q2 BUSINESS, FINANCE
Barney Hartman-Glaser, Mark Thibodeau, Jiro Yoshida
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引用次数: 0

Abstract

This study demonstrates the impact of initial public offerings (IPOs) on local house prices. Applying spatial difference-in-differences methods to IPOs in California from 1993 to 2017, we find house prices increase by 0.7%–0.9% near an IPO firm's headquarters around filing and issuing dates. Upon lockup expiration, price changes depend on postissuance returns. Treating the San Francisco Bay as a commuting barrier, we identify sustained price increases after filings and temporary increases after issuing and lockup expiration. We also confirm post-IPO price divergence between the treatment and synthetic control areas. Our findings indicate the effect of liquid wealth under mild financial constraints.
现金支出:IPO财富和房价
本文研究了首次公开募股(ipo)对当地房价的影响。通过对1993年至2017年加州IPO的空间差异分析,我们发现IPO公司总部附近的房价在申请和发行日期前后上涨了0.7%-0.9%。在锁定期到期后,价格变化取决于事后回报。将旧金山湾区视为通勤障碍,我们确定在申请后价格持续上涨,在发行和锁定到期后价格暂时上涨。我们还确认了ipo后处理区和合成控制区之间的价格差异。我们的研究结果表明,在温和的金融约束下,流动财富的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.00
自引率
13.60%
发文量
44
期刊介绍: As the official journal of the American Real Estate and Urban Economics Association, Real Estate Economics is the premier journal on real estate topics. Since 1973, Real Estate Economics has been facilitating communication among academic researchers and industry professionals and improving the analysis of real estate decisions. Articles span a wide range of issues, from tax rules to brokers" commissions to corporate real estate including housing and urban economics, and the financial economics of real estate development and investment.
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