Firm location and the value-growth premium

IF 2.4 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2026-06-01 Epub Date: 2026-02-04 DOI:10.1016/j.jempfin.2026.101690

Brent W. Ambrose , Yifan Chen , Timothy T. Simin

引用次数: 0

Abstract

We investigate the value-growth premium puzzle by merging insights from urban economics and finance that relate firm location to its stock performance. The value-growth premium in locations with high historical house price appreciation is 3.6% per year larger than the premium in areas that experienced little house price appreciation. The results support investment-based models explaining the value premium; moreover, we find the house price channel reduces returns of growth firms rather than increasing returns of value firms. House price appreciation remains significant after controlling for common explanations of the premium.

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公司位置和价值增长溢价

我们通过合并城市经济学和金融学的见解来研究价值增长溢价之谜，这些见解将公司所在地与其股票表现联系起来。历史房价涨幅高的地区的价值增长溢价每年比房价涨幅小的地区的价值增长溢价高出3.6%。研究结果支持基于投资的模型来解释价值溢价；此外，我们发现房价通道降低了成长型公司的回报，而不是增加了价值型公司的回报。在控制了常见的溢价解释后，房价的升值幅度仍然很大。

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

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.