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/supportDr. Ian Williams, Biochemist and Artist with Prof. Carol Gould, Professor of Philosophy at Florida Atlantic University.
Prof. Patricia Churchland, Professor of Philosophy at the University of California, San Diego
Prof. Peter Singer, Professor of BioEthics at Princeton University
Prof. Daniel Wang, Professor of Astronomy at the University of Massachusetts, Amherst
Prof Dong Lai, Professor of Astronomy at Cornell University.
Prof John Breitner, Professor of Psychiatry at McGill University.
Prof. Sarah Komisarow of Duke university and Prof. Emily Pakhtigian of Penn State University.
Prof. Anup Malani, Professor at the University of Chicago Law School and Medical School.
Prof. K. Scott Wong, Professor of History at Williams College
Prof. Ione Fine, Professor of Psychology at the University of Washington.
Prof. Douglas Natelson, Professor of Physics and Astronomy at Rice University.
Prof. Jesse Prinz, Professor of Philosophy at the City University of New York.
Prof. Shreya Saxena, Assistant Professor of Electrical and Computer Engineering at the University of Florida
Prof. Alison Barth, Professor in Life Sciences at Carnegie Mellon University
Prof. Shelly Flagel, Associate Professor of Psychiatry at the University of Michigan
Prof. Petra Schmid, Assistant Professor of Organizational Behavior at ETH Zurich
Prof. Henry Yin, Professor of Psychology and Neuroscience at Duke University
Prof. Sheena Josselyn, Professor of Psychology and Physiology at the University of Toronto
Prof. Beatriz Luna, Professor of Psychiatry, Pediatrics and Psychology at the University of Pittsburgh
Prof. Robert Finger, Professor of Agricultural Economics and Policy at the ETH Zurich
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