The Geography of Value Creation Over the last twenty years, the stock market indicates that value creation has become heavily concentrated in a few headquarter cities. At the same time, firms in value-creating cities have experienced declines in their profitability, due to large increases in wages and rents. Our findings thus highlight the difference between flow-based (e.g., operating profits) and stock-based (e.g., securities prices) indicators of local productivity. Conventional proxies for a city’s appeal to high value-added workers, such as education rates and weather, are positively related to stock market valuations, but negatively related to near-term operating performance.
Prof. Sheridan Titman is professor Finance and Chair of Financial Services at the University of Texas, Austin. He is also the director of the Energy Management and Innovation Center at UT.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/scientificsense/message Support this podcast: https://podcasters.spotify.com/pod/show/scientificsense/supportProf. Christine Aidala, Professor of Physics at the University of Michigan.
Prof. Sebnem Kalemli-Ozcan, Professor of Economics at the University of Maryland
Prof. Gregory Tarle, Professor of Experimental Cosmology and Astrophysics at the University of Michigan
Prof. Paul Davies, Professor of Physics and Cosmology at the Arizona State University.
Prof. Arik Levinson, Professor of Economics at Georgetown University.
Prof. Kimberly Gray, Professor of Civil and Environmental Engineering at Northwestern University
Prof. William Fuchs, Professor of Finance at the University of Texas.
Prof. Steve Cundiff, Professor of Physics at the University of Michigan
Prof. Woodward Fischer, Professor of Geobiology at the California Institute of Technology.
Prof. Kiyoshi Masui, Assistant professor of Physics at Massachusetts Institute of Technology
Prof. Omar Ahmed, Assistant Professor of Psychology and Neuroscience at the University of Michigan
Prof. William Renthal, Director of Research at the John Graham Headache Center at Brigham and Women’s Hospital of Harvard
Prof. Hui Deng, Professor of Physics at the University of Michigan.
Prof. Anupam Garg, Professor of Physics and Astronomy at Northwestern University.
Prof. Gilles Hilary, Professor of Accounting at Georgetown University.
Prof. Bill Gibson, Professor of Economics at the University of Vermont.
Prof. Morton Schapiro, President of Northwestern University and Prof. Gary Morson, Professor of the Arts and Humanities at Northwestern
Prof. Stephanie Seguino, Professor of economics at the University of Vermont
Prof. Michael Roberts, Professor of Finance at the Wharton School of the University of Pennsylvania
Prof. David Gerdes, Professor of Physics at the University of Michigan
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