Does Corporate Headquarters Location Matter for Stock Returns?
研究发现总部在同一地区的公司股票回报高度联动，搬迁总部会改变这种联动模式，且该现象与当地居民交易行为有关，对研究市场定价和投资者行为有参考价值。
ABSTRACT We document strong comovement in the stock returns of firms headquartered in the same geographic area. Moreover, stocks of companies that change their headquarters location experience a decrease in their comovement with stocks from the old location and an increase in their comovement with stocks from the new location. The local comovement of stock returns is not explained by economic fundamentals and is stronger for smaller firms with more individual investors and in regions with less financially sophisticated residents. We argue that price formation in equity markets has a significant geographic component linked to the trading patterns of local residents.