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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)
Permanent lenke
http://hdl.handle.net/11250/93706
Utgivelsesdato
2012
Metadata
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  • Scientific articles [1722]
Originalversjon
http://dx.doi.org/10.1016/j.jfineco.2012.06.007
Sammendrag
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.
Beskrivelse
This is the authors’ final, accepted and refereed manuscript to the article
Utgiver
Elsevier
Tidsskrift
Journal of Financial Economics

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