【本期主题】Do Agglomeration Economies affect Local Comovement of Stock Returns: Evidence from China

Prior literature in finance has documented the comovement of stock returns of U.S. companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. We propose that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using data for China A-share listed companies from 1997-2007, we confirm the comovement of stock returns of Chinese companies headquartered in the same city. The evidence for local bias theory is mixed and weak. However, we find that the comovement of the stock returns of companies headquartered in the same city is stronger where agglomeration economies in the city are stronger. Our results suggest that localized agglomeration economies provide an alternative explanation of the comovement of stock returns

【报告人】山立威 西南财经大学副教授

【时 间】09月26日 上午10:00

【地 点】明德主楼0509室

诚邀您参加。如果您有兴趣，请于09月26日前回复邮件rucfinanceforum@gmail.com或电话联系，我们将为您预留座位。联系人：李红梅 62511138。

报告人简介：

山立威，西南财经大学经济与管理研究院副教授，美国俄勒冈大学金融学博士，2007年曾在香港岭南大学经济系担任讲师一职，2011年香港理工大学金融与会计系研究员。研究领域：公司金融，公司治理，资本市场。曾在Journal of Corporate Finance，Finance Research Letters，《金融研究》，《投资研究》，《经济研究》等多家期刊发表论文。

中国人民大学金融高端论坛组委会

汉青经济金融高级研究院金融系

商学院财务与金融系

财政金融学院应用金融系