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- W2155510669 abstract "Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that investors have a local bias due to an information advantage on companies. This paper argues that localized agglomeration economies affect the fundamentals of companies, resulting in the comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The comovement of earnings among companies headquartered in the same city is also found, and the comovement of stock returns is correlated with the comovement of earnings. We conclude that correlated fundamentals due to localized agglomeration economies can explain the comovement of stock returns." @default.
- W2155510669 created "2016-06-24" @default.
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- W2155510669 date "2013-11-08" @default.
- W2155510669 modified "2023-09-26" @default.
- W2155510669 title "Agglomeration Economies and Local Comovement of Stock Returns" @default.
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