Geographic Dispersion and Stock Returns∗

Abstract

This paper shows that stocks of truly local firms have returns that exceed the return on stocks of geographically dispersed firms by 70 basis points per month. By extracting state name counts from annual reports filed with the Securities and Exchange Commission (SEC) on Form 10 K, we distinguish firms with business operations in only a few states from firms… (More)

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@inproceedings{Gara2012GeographicDA, title={Geographic Dispersion and Stock Returns∗}, author={Diego Gar{\'c}ıa and \Oyvind Norli and Lauren Cohen and J. Engelberg and Michael Halling and Tim Loughran}, year={2012} }