The Causal Effects of Proximity on Investment: Evidence from Flight Introductions
利用直飞航班开通作为外生冲击，研究共同基金与公司间邻近性对投资决策和业绩的因果影响，发现基金对更邻近的公司投资更多且表现更好。
We use the introduction of direct flights as an exogenous shock to the travel time between mutual funds and firms to estimate the causal effects of proximity on fund investment decisions and performance. We find that a fund invests significantly more in firms that become more proximate following the introduction of direct flights and that these more proximate investments exhibit superior performance. Our findings are robust to including a variety of fixed effects and potential confounders such as firm-level shocks, fund-level shocks, and time trends. Collectively, our results indicate that proximity enhances investors’ ability to acquire value-relevant information about firms.