We assess a prominent argument for local economic policies that favor locally-owned businesses - namely, that locally-owned firms are more likely to internalize the costs to the community of decisions to reduce employment and hence help to insulate cities from adverse economic shocks. We test...

We assess a prominent argument for local economic policies that favor locally-owned businesses ﾖ namely, that locally-owned firms are more likely to internalize the costs to the community of decisions to reduce employment and hence help to insulate cities from adverse economic shocks. We test...