The aim of the paper is to investigate the impact of the extension of a metro line on the survival of individual firms. An empirical analysis focuses on the relation between proximity to new stations and firm survival following the announcement of the extension of the orange line of the metro in Montréal (Canada) between 1996 and 2016. To do so, a Cox Proportional Hazards model is estimated using the simultaneous announcement of two potential extensions to define the treatment (new stations) and control groups (speculative stations) based on the distance to the closest stations. The model explicitly controls for anticipation and speculation effect by introducing three distinct treatment effects by period. The impact of the new metro stations appears to be mostly positive on firms’ survival probability during the construction period and after the opening of the service. The results suggest that the metro extension does have a positive influence on the survival rates of individual firms within 250 to 1,250 m. of the closest station, especially for local activities.

中文翻译：

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坚强地站着吗？地铁站对服务企业生存的因果影响

本文的目的是调查地铁线路的延伸对个别公司生存的影响。实证分析的重点是 1996 年至 2016 年间宣布延长蒙特利尔（加拿大）地铁橙线后，靠近新车站与企业生存之间的关系。为此，使用 Cox 比例风险模型进行了估计同时宣布两个可能的扩展，以根据距最近站点的距离来定义治疗组（新站点）和对照组（推测站点）。该模型通过按时期引入三种不同的治疗效果来明确控制预期和推测效果。新地铁站对施工期间和开通后企业的生存概率的影响似乎大多是积极的。结果表明，地铁延伸确实对 250 至 1,250 m 范围内个体企业的生存率产生了积极影响。最近的车站，特别是当地活动。