Adapting to Radical Change: The Benefits of Short-Horizon Investors
研究发现，在行业竞争环境受到冲击后，短期机构投资者持股比例高的企业，其销售额和投资下降更少，长期业绩更好，并能通过推出新产品、增加商标注册、强化创新、进行多元化收购和更换高管来适应新环境。
We show that, following shocks that change an industry’s competitive environment, firms with more short-term institutional investors experience smaller drops in sales and investment and have better long-term performance than similar firms affected by the shocks. To do so, these firms introduce new products, file more trademarks, intensify their innovation efforts, conduct more diversifying acquisitions, and have higher executive turnover in the aftermath of the shocks. Our findings suggest that firms with more short-term investors adapt better to the new competitive environment. Endogeneity of institutional ownership and other selection problems do not appear to drive our findings. This paper was accepted by Gustavo Manso, finance.