This study shows that the geographic network of public firms facilitates the propagation of local economic conditions across the United States. We identify economic connections among U.S. states based on the 10-K listings of public firms and show that the returns and liquidity of firms headquartered in connected states exhibit excess comovement. The economic connections also generate spillover effects where the economy of a state affects its connected states and amplifies the impact of local economic conditions on the U.S. economy. In particular, a 1% production increase in a large state like California is associated with a 6.71% change in annual U.S. GDP growth, relative to average GDP growth.

中文翻译：

---

公司地理位置和当地经济状况的传播

这项研究表明，上市公司的地理网络促进了当地经济状况在美国各地的传播。我们根据上市公司的 10-K 名单确定了美国各州之间的经济联系，并表明总部位于相关州的公司的回报和流动性表现出过度的联动性。经济联系还会产生溢出效应，即一个州的经济影响与其相连的州，并放大当地经济状况对美国经济的影响。特别是，像加利福尼亚州这样的大州，产量每增加 1%，美国 GDP 年增长率相对于平均 GDP 增长率就会发生 6.71% 的变化。