This appendix provides complete results for the robustness checks discussed in the paper, Non-Pecuniary Benefits: Evidence from the Location of Private Company Sales, found here: 'http://ssrn.com/abstract=2423117' http://ssrn.com/abstract=2423117

Non-pecuniary factors are believed to play a crucial role in the decisions of entrepreneurs. We estimate how the non-pecuniary benefits related to the quality-of-life (e.g., clement weather) of a target firm's location affect its acquisition price. Using new data on private firm acquisitions, we...