Cash to Spend: IPO Wealth and House Prices
UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance
Topic: Cash to Spend: IPO Wealth and House Prices
Speaker: Barney Hartman-Glaser, University of California, Los Angeles
Abstract: This study empirically demonstrates the impact of wealth shocks from initial public offerings (IPOs) on local house prices by distinguishing from changes in the uncertainty and availability of wealth. Applying spatial event study methods to IPOs in California from 1993 to 2017, we find increases in house prices around filing and issuing dates. Upon lockup expiration, house price changes depend on post-issuance returns. Treating the San Francisco Bay as a natural commuting barrier, we use a difference-in-differences approach to identify sustained price increases in markets with recent IPO filings and temporary increases for recent issuing and lockup expiration.
Moderator: Kristoffer Glover, University of Technology Sydney
Date: Tuesday, 10th November 2020
Time: 12-1 pm (Australian Eastern Daylight Time)
Venue: This is on online Zoom webinar.
After registering, you will receive a confirmation email containing information on how to join the meeting, including an access link.
Seminar protocols:
- The webinar will run for 45 minutes, followed by a 15 minute Q&A session.
- There will be a moderator for each seminar event, who will facilitate communication and resolve any technical issues.
- Participants can use the chat facility or raise their had to ask questions during the presentation. The moderator will then alert the speaker at the appropriate time and either ask the questions raised or unmute the participant so they can ask the question directly to the presenter.
Co-ordinator: Harry Scheule
Enquiries: Duncan Ford