The Geography of Information Acquisition

被引：29

作者：

Chen, Honghui ^{[1
]}

Qu, Yuanyu ^{[2
]}

Shen, Tao ^{[3
]}

Wang, Qinghai ^{[1
]}

Xu, David X. ^{[4
]}

机构：

[1] Univ Cent Florida, Coll Business, Orlando, FL 32816 USA

[2] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China

[3] Tsinghua Univ, Sch Econ & Management, Beijing, Peoples R China

[4] Southern Methodist Univ, Cox Sch Business, Dallas, TX USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2022年 / 57卷 / 06期

基金：

中国国家自然科学基金;

关键词：

PRIVATE MEETINGS; HOME BIAS; PERFORMANCE; INVESTMENT; SIZE;

D O I：

10.1017/S002210902200045X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using detailed data on company visits by Chinese mutual funds, we provide direct evidence of mutual fund information acquisition activities and the consequent informational advantages mutual funds establish in local firms. Mutual funds are more likely to visit local and nearby firms both in and outside of their portfolios, but the ease of travel between fund and firm locations can substantially alleviate geographic distance constraints. Company visits by mutual funds are strongly associated with both fund trading activities and fund trading performance. Our results show that geographic constraints and costly information acquisition amplify information asymmetry in financial markets.

引用

页码：2251 / 2285

页数：35

共 35 条

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