We show that political geography has a pervasive effect on the cross-section of stock returns. We collect election results over a 40-year period and use a political alignment index (PAI) of each state's leading politicians with the ruling (presidential) party to proxy for local firms' proximity...

We assess whether observable corporate political strategies can serve as channels of value-relevant political information flow into stock prices and form the basis for profitable return predictability strategies. We document that returns of politically connected firms' stocks lead those of their...

We document sizable and robust excess return comovement between migration-flow receiving and sending states at both the individual stock and state-portfolio levels. Migration comovement is not fully explained by economic fundamentals and strengthens with the size of the migration network....