DOUGAL, CASEY; PARSONS, CHRISTOPHER A.; TITMAN, SHERIDAN - In: Journal of Finance 70 (2015) 1, pp. 163-210
type="main" <title type="main">ABSTRACT</title> <p>We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries. A firm's investment also responds to fluctuations in the cash flows and stock prices (q) of local firms outside its sector....</p>
