| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11488 |
| 来源ID | Working Paper 11488 |
| The Only Game in Town: Stock-Price Consequences of Local Bias | |
| Harrison Hong; Jeffrey D. Kubik; Jeremy C. Stein | |
| 发表日期 | 2005-07-18 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. We test this proposition using data on U.S. Census regions and states, and find clear-cut support for it. Most of the variation in the ratio of interest comes from differences across regions in aggregate book value per capita. Regions with low population density--e.g., the Deep South--are home to relatively few firms per capita, which leads to higher stock prices via an "only-game-in-town" effect. This effect is especially pronounced for smaller, less visible firms, where the impact of location on stock prices is roughly 12 percent. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w11488 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569131 |
| 推荐引用方式 GB/T 7714 | Harrison Hong,Jeffrey D. Kubik,Jeremy C. Stein. The Only Game in Town: Stock-Price Consequences of Local Bias. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11488.pdf（366KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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