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Scott Galloway states in chapter 8, The T Algorithm, in his book The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google, that a successful strategy to become a "trillion dollar company" must consider geography:

A companies headquarter should be located near a world-class technical or engineering teaching university.

Is there any academic paper which specifically analyzes that a headquarter relocation towards a high-ranking university generates higher stock returns in subsequent periods?

Scott Galloway gives no reference for this statement, but mentions Nike Inc. as an example, that they should clearly profit (he estimates up to 10 billion US-$) from a relocation. I just found general studies from Chinmoy et al. (1995) on stock price effects of headquarters relocations. Further papers like Pirinsky/Wang (2006) and the related (and also current) literature focuses solely on the return co-movement of stocks where the companies headquarters are nearly located.

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    $\begingroup$ I would be interested to see any papers on this, it could be a really interesting MSc/PhD research paper $\endgroup$ – Zarina Akhtar Oct 10 '18 at 14:34

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