01
原文：Kang J. K., Stice‐Lawrence L., Wong Y. T. F. The firm next door: Using satellite images to study local information advantage[J]. Journal of Accounting Research, 2021, 59(2): 713-750.
The Firm Next Door: Using Satellite Images to Study Local Information Advantage
ABSTRACT: We use novel satellite data that track the number of cars in the parking lots of 92,668 stores for 71 publicly listed U.S. retailers to study the local information advantage of institutional investors. We establish car counts as a timely measure of store-level performance and find that institutional investors adjust their holdings in response to the performance of local stores, and that these trades are profitable on average. These results suggest that local investors have an advantage when processing information about nearby operations. However, some institutional investors do not adjust for the quality of their local information and continue to rely on local signals even when they are poor predictors of firm performance and returns. This overreliance on poor local information is reduced for institutional investors with greater industry expertise and those with greater incentives to maximize short-term trading profits.
隔壁的公司：利用卫星图像研究本地信息优势
摘要：文章使用新颖的卫星数据来跟踪71家美国上市零售商的92,668家商店停车场的汽车数量，以研究机构投资者的本地信息优势。文章将汽车数量作为衡量商店业绩的及时指标，发现机构投资者会根据本地商店的业绩调整其持股，并且这些交易平均而言是有利可图的。这些结果表明，本地投资者在处理有关附近业务的信息时具有优势。然而，部分机构投资者在进行持股调整时并没有考虑到本地信息的质量，而是继续依赖本地信号，即使这些信号对公司业绩和回报的预测效果不佳。对于拥有更多行业专业知识和更有动力最大化短期交易利润的机构投资者来说，其会减少对质量较差的本地信息的过度依赖。
亮点：（1）文章基于本地投资者更易获取邻近业务信息这一理论视角，提出了一种本地投资者具备的特定信息优势来源：有关本地商店业绩的信息。在此基础上，文章使用新颖的卫星图像数据构建了本地商店业绩的代理指标，并利用这一独特指标和更细颗粒度的本地投资者定义对本地机构投资者的信息优势进行更为直观地识别和检验。（2）文章揭示了机构投资者如何获取本地信息优势并将这些信息纳入其投资决策。文章结果表明，虽然本地机构投资者可能具有平均信息优势，但他们仍然面临整合本地信息相关的障碍。受评估本地信息质量的成本所限，部分机构投资者的投资决策会过分依赖质量不佳的本地信息。
02
原文：Cicero D. C., Puckett A., Wang A. Y., Zhang S. Taxi! Do mutual funds pursue and exploit information on local companies?[J]. Journal of Financial and Quantitative Analysis, 2023: 1-36.
TAXI! Do Mutual Funds Pursue and Exploit Information on Local Companies?
ABSTRACT: We use New York City (NYC) taxi data to identify trips between mutual fund offices and local firm headquarters. NYC funds overweight the stocks of local firms they visit via taxi, and firm visits are associated with superior investment performance. Firm visits are elevated prior to earnings announcements, and mutual fund trades that are associated with firm taxi visits predict earnings surprises. The results are generally stronger when fund and firm executives share educational connections. Additional tests support the conclusion that funds’ local bias and investment performance are driven by portfolio managers’ efforts and ability to actively gather material information.
出租车！共同基金是否收集和利用本地公司的信息？
摘要：文章使用纽约市（NYC）出租车数据来确定共同基金办事处和本地公司总部之间的行程。纽约市的共同基金增持了他们乘坐出租车拜访的本地公司的股票，而公司拜访行为与卓越的投资业绩相关。在公司业绩公布之前，公司拜访次数会增加，与公司拜访相关的共同基金交易可以预测公司的意外收益。当共同基金和公司的高管存在校友关联时，上述结果更加明显。其他测试的结果表明，共同基金的本地偏好和投资业绩是由投资组合经理积极收集重要信息做出的努力和能力驱动的。
亮点：（1）文章利用独特的美国纽约市出租车行程数据，将共同基金经理乘坐出租车拜访本地公司总部与其私人信息收集行为关联起来，巧妙地识别出共同基金经理与本地公司高管之间的私人信息转移。（2）文章发现本地投资者能够通过频繁的、非正式的、非公开的本地互动行为获取到有关本地企业的信息优势，并揭示了金融市场中机构投资者与公司高管之间私下或未公开信息互动的经济后果。
03
原文：Huang Y., Li F., Li T., Lin T. C. Local information advantage and stock returns: Evidence from social media[J]. Contemporary Accounting Research, 2024: 1-31.
Local Information Advantage and Stock Returns: Evidence from Social Media
ABSTRACT: We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good news, potentially due to social transmission bias and short-sales constraints. We identify the information driving return predictability through content-based analysis. Abnormal relative postings also lead analysts' forecast revisions. Overall, investors' interactions on social media contain valuable geography-based private information.
本地信息优势与股票收益：来自社交媒体的证据
摘要：文章利用大型股吧帖子数据集来检验本地和非本地投资者之间的信息不对称。文章发现企业的异常相对发帖，即本地投资者与非本地投资者发帖量的异常变化，捕捉了本地投资者的信息优势。该指标对企业和同城同行企业的短期股票收益具有正向预测作用。情绪分析显示，发帖活动主要反映好消息，这可能是由于社会传播偏差和卖空限制所致。文章通过基于内容的分析来识别驱动收益可预测性的信息。异常相对发帖也导致分析师修正了预测。总体而言，投资者在社交媒体上的互动包含了有价值的基于地理位置的私人信息。
亮点：（1）文章利用东方财富股吧发帖的独特数据，在区分了本地投资者与非本地投资者的基础上，基于对股吧发帖数量和内容的文本分析，进而将本地投资者的发帖活动与股票收益预测和分析师预测修正行为关联起来，巧妙地识别出了本地投资者的信息优势。（2）文章发现本地投资者会利用社交媒体分享与价值相关的信息，本地投资者在股吧发布的消息包含了重要的本地信息，这拓展了已有研究关于投资者社会互动和信息分享行为的认识，同时也揭示了基于地理位置的信息不对称的潜在经济后果。
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总编：游家兴
解析：凌运
审校：伟丽斯 黎俞宏
编辑：潘芳妍
