I examine the demand for public information by local and nonlocal investors. Using novel data on institutional investors' requests for financial information from the SEC, I document that investors acquire approximately 20% more financial information for their local investments. This pattern holds after controlling for investors’ 13(f) portfolio holdings. I further demonstrate that this pattern is concentrated in stocks eliciting behavioral biases as well as among investors with strong company relationships. Consistent with public information acquisition being more beneficial to local investors, I find that local investors exhibit both enhanced timeliness in acquiring public information and superior portfolio trading decisions when acquiring public information (on the order of 0.5% per quarter). In sum, these results provide evidence that investors demand more, and benefit more from, public information on local investments.

我研究了本地和非本地投资者对公共信息的需求。使用机构投资者向 SEC 索取财务信息的新数据，我记录了投资者为其本地投资获得的财务信息增加了大约 20%。在控制了投资者的 13(f) 投资组合持有量之后，这种模式仍然成立。我进一步证明，这种模式集中在引发行为偏见的股票以及与公司关系密切的投资者中。与公共信息获取对本地投资者更有利一致，我发现本地投资者在获取公共信息时表现出更高的获取公共信息的及时性和更好的投资组合交易决策（大约每季度 0.5%）。总之，