Your browser doesn't support javascript.
Social distancing and local bias
Finance Research Letters ; 51, 2023.
Article in English | Scopus | ID: covidwho-2242809
ABSTRACT
This study investigates the effect of social distancing on the local bias of institutional investors. Using SafeGraph's Social Distancing Metrics data and SEC's EDGAR 13F filings, we find that stay-at-home duration ratio decreases institutional investors' local holdings and firms' institutional ownership in the U.S. We also exploit the lockdown orders across various states during the COVID-19 pandemic as exogenous shocks to conduct the stacked regression estimation, which yields a similar result. Our channel analysis using abnormal return indicates that social distancing mitigates local bias by constraining the information advantage of local investors rather than alleviating their cognitive bias. © 2022 Elsevier Inc.
Keywords

Full text: Available Collection: Databases of international organizations Database: Scopus Language: English Journal: Finance Research Letters Year: 2023 Document Type: Article

Similar

MEDLINE

...
LILACS

LIS


Full text: Available Collection: Databases of international organizations Database: Scopus Language: English Journal: Finance Research Letters Year: 2023 Document Type: Article