01186nas a2200145   4500008004100000245012500041210006900166260000900235520058500244653001500829100001800844700002100862700001900883856013800902       2012                        eng d00aDoes it matter where assets are held and income is derived? Further evidence of differential value relevance from Quebec0 aDoes it matter where assets are held and income is derived Furth  c20123 aIn this paper, we build on recent studies documenting an economic discount on firms located in the Canadian province of Quebec that seems to be associated with the political risk generated by the Quebec separatist movement (e. g., Graham, Morrill and Morrill, 2005). We use information on firms’ economic activity in the province of Quebec as collected and published by the Quebec business newspaper Les Affaires for the period 1990-2008. We find that variables proxying for extent of operations in Quebec are associated with market-to-book multiples on book value and earnings.10aAccounting1 aGraham, Roger1 aMorrill, Cameron1 aMorrill, Janet  u/biblio/does-it-matter-where-assets-are-held-and-income-derived-further-evidence-differential-value-0