• DOI:10.1016/J.JFINECO.2012.06.007
Corpus ID: 53008170

Geographic Dispersion and Stock Returns

@article{Garca2012GeographicDA,
  title={Geographic Dispersion and Stock Returns},
  author={D. Garc{\'i}a and Oyvind Norli},
  journal={Journal of Financial Economics},
  year={2012},
  volume={106},
  pages={547-565}
}

• D. García, Oyvind Norli
• Published 2012
• Economics
• Journal of Financial Economics

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 with operations in multiple states. Our findings are consistent with the view that lower investor recognition for local firms results in… Expand

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