Investment Horizons and Information
研究了机构投资者的投资期限如何影响企业的融资和投资决策，发现短期机构持股多的公司债务融资少、流动性投资多，而长期机构持股多的公司更多使用内部资金、减少外部股权融资并保留长期资产投资。
Abstract We examine the relation between institutions' investment horizons on firms' financing and investment decisions. Firms with larger short‐term institutional ownership use less debt financing and invest more in corporate liquidity. In contrast, firms with larger long‐term institutional ownership use more internal funds, less external equity financing, and preserve investments in long‐term assets. These results are primarily driven by the variation in informational preferences of different institutions. We argue that short‐term (long‐term) institutions collect and use value‐neutral (value‐enhancing) information.