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Author: Howard J. Shatz Publisher: World Bank Publications ISBN: Category : Debt Markets Languages : en Pages : 34
Book Description
Multinationals have become increasingly important to the world economy. Overseas production by U.S. affiliates is three times U.S. exports, for example. Who is investing where, for sales where?
Author: Howard J. Shatz Publisher: World Bank Publications ISBN: Category : Debt Markets Languages : en Pages : 34
Book Description
Multinationals have become increasingly important to the world economy. Overseas production by U.S. affiliates is three times U.S. exports, for example. Who is investing where, for sales where?
Author: Joshua D. Coval Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
This paper uses geography to shed light on the role of asymmetric information in asset pricing. Demonstrating that investors possess significant informational advantages in evaluating nearby investments, we find that active mutual fund managers overweight proximate firms in their portfolios and earn substantial abnormal returns in local holdings. These findings are more pronounced among funds which are small, have few holdings, and operate out of remote locations. Aggregating across all funds, we use the fraction of a stock's shares held by local investors as a measure of the information asymmetry in its investor base. We find that a firm's degree of local ownership is positively related to the cross-section of expected returns, even when controlling for other factors known to explain return variation. The results document new evidence of informed trading and establish a link between such trading and asset prices.
Author: Zoran Ivkovich Publisher: ISBN: Category : Investments Languages : en Pages : 46
Book Description
Abstract: Using a data set on the investments made by a large number of retail investors from 1991 to 1996, we find that households exhibit a strong preference for local investment - the average household invests nearly a third of their portfolio in firms headquartered within 250 miles. We test whether this locality bias is driven by information or by simple familiarity. The average household generates an additional return of 3.7% per year from its local holdings relative to its non-local holdings, suggesting local investors are able to exploit local knowledge. The excess return to investing locally is even larger among stocks not in the S & P 500 index (firms where informational asymmetries between local and non-local investors may be largest), while there is no excess return earned by households that invest in local S & P 500 stocks.
Author: Janelle Knox-Hayes Publisher: Taylor & Francis ISBN: 1351119044 Category : Business & Economics Languages : en Pages : 648
Book Description
This handbook is a comprehensive and up to date work of reference that offers a survey of the state of financial geography. With Brexit, a global recession triggered by the COVID-19 pandemic, as well as new financial technology threatening and promising to revolutionize finance, the map of the financial world is in a state of transformation, with major implications for development. With these developments in the background, this handbook builds on this unprecedented momentum and responds to these epochal challenges, offering a comprehensive guide to financial geography. Financial geography is concerned with the study of money and finance in space and time, and their impacts on economy, society and nature. The book consists of 29 chapters organized in six sections: theoretical perspectives on financial geography, financial assets and markets, investors, intermediation, regulation and governance, and finance, development and the environment. Each chapter provides a balanced overview of current knowledge, identifying issues and discussing relevant debates. Written in an analytical and engaging style by authors based on six continents from a wide range of disciplines, the work also offers reflections on where the research agenda is likely to advance in the future. The book’s key audience will primarily be students and researchers in geography, urban studies, global studies and planning, more or less familiar with financial geography, who seek access to a state-of-the art survey of this area. It will also be useful for students and researchers in other disciplines, such as finance and economics, history, sociology, anthropology, politics, business studies, environmental studies and other social sciences, who seek convenient access to financial geography as a new and relatively unfamiliar area. Finally, it will be a valuable resource for practitioners in the public and private sector, including business consultants and policy-makers, who look for alternative approaches to understanding money and finance.
Author: Enrico Moretti Publisher: Houghton Mifflin Harcourt ISBN: 0547750110 Category : Business & Economics Languages : en Pages : 309
Book Description
Makes correlations between success and geography, explaining how such rising centers of innovation as San Francisco and Austin are likely to offer influential opportunities and shape the national and global economies in positive or detrimental ways.
Author: Stefano Mengoli Publisher: ISBN: Category : Information theory in economics Languages : en Pages : 46
Book Description
Retail investors pay over twice as much attention to local companies than non-local ones, based on Google searches. News volume and volatility amplify this attention gap. Attention appears causally related to perceived proximity: first, acquisition by a nonlocal company is associated with less attention by locals, and more by nonlocals close to the acquirer; second, COVID-19 travel restrictions correlate with a drop in relative attention to nonlocal companies, especially in locations with fewer flights after the outbreak. Finally, local attention predicts volatility, bid-ask spreads and nonlocal attention, not vice versa. These findings are consistent with local investors having an information-processing advantage.
Author: Howard J. Shatz
Author: Howard J. Shatz
Author: Howard J. Shatz
Author: Joshua D. Coval
Author: Joshua Coval
Author: Zoran Ivkovich
Author: Janelle Knox-Hayes
Author: Cameron LaPoint
Author: H J (Howard J); Venables Shatz (A J (Anthony J).)
Author: Enrico Moretti
Author: Stefano Mengoli