Baik, Bok; Kang, Jun-Koo; Kim, Jin-Mo - In: Journal of Financial Economics 97 (2010) 1, pp. 81-106
We examine the informational role of geographically proximate institutions in stock markets. We find that both the level of and change in local institutional ownership predict future stock returns, particularly for firms with high information asymmetry; in contrast, such predictive abilities are...