J. McHale, J. Harold, Jen-Chung Mei, Akhil Sasidharan, Anil Yadav
{"title":"Stars as catalysts: an event-study analysis of the impact of star-scientist recruitment on local research performance in a small open economy","authors":"J. McHale, J. Harold, Jen-Chung Mei, Akhil Sasidharan, Anil Yadav","doi":"10.1093/jeg/lbac016","DOIUrl":"https://doi.org/10.1093/jeg/lbac016","url":null,"abstract":"\u0000 There is increasing interest among policymakers in small open economies in the use of star-scientist recruitment policies to catalyse the development of local clusters in targeted research areas. We use Scopus to assemble a dataset on over 1.4 million publications and subsequent citations for Denmark, Ireland and New Zealand from 1990 to 2017. An event-study model is used to estimate the dynamic effects of a star arrival on quality-adjusted research output at both the department and matched individual incumbent levels. Star arrivals are associated with statistically significant increases in department output (excluding the output of the star) of between 12% and 25% after 4 years. At the incumbent level, star arrivals lead to an approximately 5% increase in individual output, with substantially larger increases for incumbents who co-author with the star.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":" ","pages":""},"PeriodicalIF":2.9,"publicationDate":"2022-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43513998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The geography of information: evidence from the public debt market","authors":"Bill Francis,Iftekhar Hasan,Maya Waisman","doi":"10.1093/jeg/lbac002","DOIUrl":"https://doi.org/10.1093/jeg/lbac002","url":null,"abstract":"Abstract We investigate the link between the spatial concentration of firms in large, central metropolitans (i.e. urban agglomeration) and the cost of public corporate debt. Looking at bond issues over the period 1985–2014, we find that bonds issued by companies headquartered in urban agglomerates have lower at-issue yield spreads than bonds issued by firms based in remote, sparsely populated areas. Measures of the count of institutional bondholders in a firm’s vicinity confirm that the spatial cross-sectional variation in bond spreads is driven by the proximity of metropolitan firms to large concentrations of institutional investors. Our results are robust to controls for firm productivity and governance, analyst following, and exogenous shocks to institutional investor attention. The effect of headquarters location on bond spreads is especially pronounced for more difficult to value, speculative-grade bonds, bonds issued by smaller, less visible firms and bonds issued without protective covenants. Overall, we provide evidence that the geographical distribution of firms and investors generates a corresponding distribution of value-relevant, firm-level information that affects its cost of capital.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":"1 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138529709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}