The Geography of Information Acquisition
利用中国共同基金实地调研的详细数据，研究发现基金更倾向于访问本地及邻近公司，且旅行便利性可缓解地理距离限制；实地调研与基金交易活动和业绩密切相关，表明地理约束和昂贵的信息获取加剧了金融市场的信息不对称。
Abstract Using detailed data on company visits by Chinese mutual funds, we provide direct evidence of mutual fund information acquisition activities and the consequent informational advantages mutual funds establish in local firms. Mutual funds are more likely to visit local and nearby firms both in and outside of their portfolios, but the ease of travel between fund and firm locations can substantially alleviate geographic distance constraints. Company visits by mutual funds are strongly associated with both fund trading activities and fund trading performance. Our results show that geographic constraints and costly information acquisition amplify information asymmetry in financial markets.