Mutual Fund Transparency and Corporate Myopia
利用监管冲击增加基金组合透明度的准自然实验，发现透明度提高加剧了基金经理的短期业绩压力，导致企业创新减少，揭示了透明度对实体经济的意外影响。
Pressure from institutional money managers to generate profits in the short run is often blamed for corporate myopia. Theoretical research suggests that money managers' short term focus stems from their career concerns and greater fund transparency can amplify these concerns. Using a difference-in-differences design around a regulatory shock that increased transparency about fund managers' portfolio choices, we examine whether increased transparency encourages myopic corporate investment behavior. We find that corporate innovation declines following the regulatory shock. Moreover, evidence from mutual fund trading behavior corroborates that these results are driven by increased short-term focus of money managers.