Agglomeration Effects in Initial Public Offerings

Shahram Amini; Andrew Mackinlay; Johan Sulaeman; Chishen Wei

doi:10.1017/S0022109025102536

Agglomeration Effects in Initial Public Offerings

Shahram Amini
, Andrew Mackinlay
, Johan Sulaeman
, Chishen Wei

School of Accounting and Finance

Research output: Journal article publication › Journal article › Academic research › peer-review

Abstract

We show that the decision to go public is influenced by spatial variation in the supply of equity
financing. We measure the amount of capital of equity investors in each US region and document
that the incidence of initial public offerings (IPOs) by intangible-intensive resident firms increases
significantly when regional equity capital is abundant. Using a novel empirical strategy and
hand-collected data on out-of-state pension flows, we confirm that our findings are not due to
underlying regional factors.

Original language	English
Journal	Journal of Financial and Quantitative Analysis
DOIs	https://doi.org/10.1017/S0022109025102536
Publication status	E-pub ahead of print - 29 Dec 2025

Keywords

IPOs
Agglomeration
Intangible Assets
Equity Capital

ASJC Scopus subject areas

Accounting
Finance
Economics and Econometrics

More information

10.1017/S0022109025102536

Cite this

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title = "Agglomeration Effects in Initial Public Offerings",

abstract = "We show that the decision to go public is influenced by spatial variation in the supply of equity financing. We measure the amount of capital of equity investors in each US region and document that the incidence of initial public offerings (IPOs) by intangible-intensive resident firms increases significantly when regional equity capital is abundant. Using a novel empirical strategy and hand-collected data on out-of-state pension flows, we confirm that our findings are not due to underlying regional factors.",

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author = "Shahram Amini and Andrew Mackinlay and Johan Sulaeman and Chishen Wei",

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AU - Amini, Shahram

AU - Mackinlay, Andrew

AU - Sulaeman, Johan

AU - Wei, Chishen

PY - 2025/12/29

Y1 - 2025/12/29

N2 - We show that the decision to go public is influenced by spatial variation in the supply of equity financing. We measure the amount of capital of equity investors in each US region and document that the incidence of initial public offerings (IPOs) by intangible-intensive resident firms increases significantly when regional equity capital is abundant. Using a novel empirical strategy and hand-collected data on out-of-state pension flows, we confirm that our findings are not due to underlying regional factors.

AB - We show that the decision to go public is influenced by spatial variation in the supply of equity financing. We measure the amount of capital of equity investors in each US region and document that the incidence of initial public offerings (IPOs) by intangible-intensive resident firms increases significantly when regional equity capital is abundant. Using a novel empirical strategy and hand-collected data on out-of-state pension flows, we confirm that our findings are not due to underlying regional factors.

KW - IPOs

KW - Agglomeration

KW - Intangible Assets

KW - Equity Capital

UR - https://www.scopus.com/pages/publications/105026320377

U2 - 10.1017/S0022109025102536

DO - 10.1017/S0022109025102536

M3 - Journal article

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SN - 0022-1090

JO - Journal of Financial and Quantitative Analysis

JF - Journal of Financial and Quantitative Analysis

ER -

Agglomeration Effects in Initial Public Offerings

Abstract

Keywords

ASJC Scopus subject areas

More information

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