Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natu

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这是一篇GILJE和TAILLARD2016年的新作。作者通过对天然气产业的分析来揭示公有和私有企业不同的投资习惯。

Abstract:

We study how listing status affects investment behavior. Theory offers competing hypotheses on how listing-related frictions affect investment decisions. We use detailed data on 74,670 individual projects in the U.S. natural gas industry to show that private firms respond less than public firms to changes in investment opportunities. Private firms adjust drilling activity for low capital-intensity investments. However, they do not increase drilling in response to new capital-intensive growth opportunities. Instead, they sell these projects to public firms. Our evidence suggests that differences in access to external capital are important in explaining the investment behavior of public and private firms.

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关键词：Different Private DIFFER Public Invest individual investment industry activity detailed