Abstract 1. Introduction 2. Migration flows and stock return comovement 3. Data and descriptive statistics 3.1 Data sources 3.2 Summary statistics 3.3 Major migration networks by state 4. Main findings 4.1 Comovement of stock returns with migration sending states' protfolio 4.2 The characteristics of migration comovement 4.3 Identification tests 4.4 Robustness Tests 5. Conclusion References