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Geographic dispersion and stock returns

Garcia, Diego; Norli, Øyvind
Journal article, Peer reviewed
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Norli_JFE_2012.pdf (386.5Kb)
URI
http://hdl.handle.net/11250/93706
Date
2012
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  • Scientific articles [1722]
Original version
http://dx.doi.org/10.1016/j.jfineco.2012.06.007
Abstract
This paper shows that stocks of truly local firms have returns that exceed the return on stocks of geographically dispersed firms by 70 basis points per month. By extracting state name counts from annual reports filed with the Securities and Exchange Commission (SEC) on Form 10-K, we distinguish firms with business operations in only a few states from firms with operations in multiple states. Our findings are consistent with the view that lower investor recognition for local firms results in higher stock returns to compensate investors for insufficient diversification.
Description
This is the authors’ final, accepted and refereed manuscript to the article
Publisher
Elsevier
Journal
Journal of Financial Economics

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