Foreign-Born Resident Networks and Stock Comovement: When Local Bias Meets Home (Country) Bias
研究发现美国大都市区的外国出生居民网络会引发本地上市公司股票与相关国家存托凭证的过度联动，这种联动部分源于该群体的共同交易行为，对投资者和跨国企业有启示。
Abstract Foreign migration flows have important stock market consequences. Foreign-born resident networks within U.S. Metropolitan Statistical Areas (MSAs) are associated with excess return comovement between locally headquartered stocks and American Depositary Receipts (ADRs) from countries with ties to the MSA through the network of foreign-born residents. This comovement is hardly due to correlated fundamentals and at least partially driven by correlated trading within members of a common investor base consisting of foreign-born residents. Our evidence has implications for both investors and foreign multinational corporations (MNCs) seeking to reap benefits from cross-listings and is consistent with the notion that foreign-born residents exhibit both local bias and home (country) bias.