Does Corporate Headquarters Location Matter for Stock Returns

By Christo A. Pirinsky, Qinghai Wang. 2006

747 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/8422490b8b608430966be873683e994eaab0812b

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Citations in the corpus

Why do firms appoint CEOs as outside directors (2010, neutral): “An additional concern may be the recent evidence by Pirinsky and Wang (2006) which suggests that stock returns of firms headquartered in the same geographic area move together.”
Urban Vibrancy and Corporate Growth (2015, positive): “Building upon this earlier work, Pirinsky and Wang (2006) find that stocks 4Of course, if land prices increase primarily because of the success of some local firms, which then allows other firms in the area to invest, this would qualify as a spillover. of firms in the same city tend to move…”
Firing Costs and Capital Structure Decisions (2016, positive): “These tests serve two 25 The finding in Pirinsky and Wang (2006) that mergers and acquisitions drive most headquarters relocations motivates this sample restriction.”
The Economics of Director Heterogeneity (2011, background): “Greater local area population diversity provides a larger and more diverse pool to source directors (Davis and Henderson, 2008; Pirinsky and Wang, 2006).”
Neighborhood matters: The impact of location on broad based stock option plans ☆ (2009, positive): “Pirinsky and Wang (2005) find that only 81 to 95 MSAs, of the total 272 MSAs, have at least five publicly traded firms”
Local Gambling Preferences and Corporate Innovative Success (2014, background): “We deﬁne a ﬁrm’s location as the location of its headquarters (Coval and Moskowitz (1999), Ivkovic and Weisbenner (2004), and Pirinsky and Wang (2006)).”
Geographic Proximity between Auditor and Client: How Does it Impact Audit Quality? (2012, neutral): “Following prior studies (Coval and Moskowitz 1999; Francis et al. 2005; Pirinsky and Wang 2006), we use the location of corporate headquarters as the client firm location.”
Organization Capital and Mergers and Acquisitions (2017, positive): “Following prior literature (e.g., Pirinsky and Wang (2006), Hilary and Hui (2009)), we define a firm’s location as the location of its headquarters.”
Individual Political Contributions and Firm Performance (2012, neutral): “Firms very infrequently relocate their headquarters (Pirinsky and Wang, 2006), however, so any resulting measurement error is likely to be quite small.”
Political Geography and Stock Returns: The Value and Risk Implications of Proximity to Political Power (2012, neutral): “Pirinsky and Wang (2006) document strong comovement in the stock returns of firms headquartered in the same geographic area, and add that this phenomenon cannot be explained by economic fundamentals.”