| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12021 |
| DP12021 Adapting to Radical Change: The Benefits of Short-Horizon Investors | |
| Mariassunta Giannetti; Xiaoyun Yu | |
| 发表日期 | 2017-05-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We show that following large permanent negative shocks, firms with more short-term institutional investors suffer smaller drops in sales, investment and employment and have better long-term performance than similar firms affected by the shocks. To do so, these firms increase their R&D and advertising expenses, differentiate their products from those of the competitors, conduct more diversifying acquisitions, and have higher executive turnover in the aftermath of the shocks, suggesting that they put stronger effort in adapting their business to the new competitive environment. Endogeneity of institutional ownership and other selection problems do not appear to drive our findings. |
| 主题 | Financial Economics |
| 关键词 | Short-termism Investor horizons Restructuring Tariff cuts Deregulation |
| URL | https://cepr.org/publications/dp12021 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540833 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Xiaoyun Yu. DP12021 Adapting to Radical Change: The Benefits of Short-Horizon Investors. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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