Foreign migration flows have important stock market consequences. Foreign-born resident networks within U.S. Metropolitan Statistical Areas (MSAs) are associated with excess return comovement between locally headquartered stocks and American Depositary Receipts (ADRs) from countries with ties to the MSA through the network of foreign-born residents. This comovement is hardly due to correlated fundamentals and at least partially driven by correlated trading within members of a common investor base consisting of foreign-born residents. Our evidence has implications for both investors and foreign multinational corporations (MNCs) seeking to reap benefits from cross-listings and is consistent with the notion that foreign-born residents exhibit both local bias and home (country) bias.

外国移民流动对股市产生了重要影响。美国大都市统计区 (MSA) 内的外国出生居民网络与通过外国出生居民网络来自与 MSA 有联系的国家的本地总部股票和美国存托凭证 (ADR) 之间的超额收益联动相关。这种联动几乎不是由相关的基本面造成的，至少部分是由由外国出生的居民组成的共同投资者基础成员内部的相关交易驱动的。我们的证据对寻求从交叉上市中获利的投资者和外国跨国公司 (MNC) 都有影响，并且与外国出生的居民表现出本地偏见和本国（国家）偏见的概念一致。