The real effects of institutional spatial concentration
研究发现机构投资者的空间集中能提升企业创新，因为集中便于协调，降低持股公司股票换手率并分散投资组合，使企业更愿承担风险、专注长期投资，最终产出更多专利和引用。
Abstract We present evidence that spatially concentrated institutional investors enhance corporate innovation. These investors can coordinate more efficiently, leading to lower turnover of the holding firms’ stocks and more diversified portfolios, which enables the holding firms to increases corporate risk‐taking and focus more on long‐term investments. Consistent with this argument, we find that firms with spatially concentrated investors take higher risk, invest more heavily in innovative projects, generate more patents, and have more patent citations. Our results are robust to using instrumental variables and the introduction of a new airline route as an exogenous shock to spatial concentration among institutional investors.