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.

中文翻译：

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隔壁公司：使用卫星图像研究本地信息优势

我们使用新颖的卫星数据跟踪71家美国上市零售商的92,668家商店的停车场中的汽车数量，以研究机构投资者的本地信息优势。我们将汽车数量作为衡量商店水平表现的及时指标，并发现机构投资者会根据当地商店的表现来调整持股量，并且这些交易平均可以获利。这些结果表明，本地投资者在处理有关附近运营的信息时具有优势。但是，一些机构投资者并未针对质量进行调整他们的本地信息，即使他们对公司绩效和回报的预测不佳，也继续依赖本地信号。具有更好行业专业知识的机构投资者和那些具有最大短期交易利润最大化动机的机构投资者，可以减少对过差的本地信息的过度依赖。