The Only Game in Town: Stock-Price Consequences of Local Bias
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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
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美国国家经济研究局创建时间：
2005-07-01
