| Title | "Cash to Spend: Credit Constraints, IPO Lockups, and House Prices" (joint with Barney Hartman-Glaser and Mark Thibodeau) |
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| Date | 2018年7月23日（月）July 23, 2018, 10:30-12:00 |
| Venue | 東京大学経済学研究科・学術交流棟（小島ホール）１階・第１セミナー室にて開催 [地図] Seminar Room No. 1, Economics Research Annex (Kojima Hall), University of Tokyo [MAP] |
| Speaker | 吉田二郎（Jiro Yoshida, The Pennsylvania State University and CREPE) |
| Abstract | This study empirically demonstrates the positive impact of initial public offerings (IPOs) on local housing values in California from 1993 through 2017. In the spirit of the difference-in-difference approach, we test whether hedonic price indexes (HPIs) increase after IPO events more for the areas around IPO firm headquarters. We use the IPO events of public filing, issuing, and lockup expiration to distinguish changes in the shareholders' expected wealth, assessed wealth, and immediately available wealth, respectively. HPIs increase more within 5 miles of IPO headquarters than in the surrounding area by 0.8 to 3.3 percentage points after all types of IPO events. There is significant variation, by distance, by property market segment, by firm/IPO characteristics and performance. For example, firms with the highest stock returns or volatility are associated with a larger change in house prices around the lockup expiration date. The result is consistent with risk-averse shareholders diversifying into housing and being liquidity-constrained due to an inability to borrow against book wealth. This study sheds light on the effect of successful entrepreneurs on the local economy. |
| Information | 英語での発表となります（Presentation in English） 主催：Empirical Micro Workshop |