Short-term institutional investors and the diffusion of supply chain information
研究发现短期机构投资者能比其他人更快处理公开但扩散缓慢的供应链信息，因此更偏好客户集中度高的公司，并从中获得更高回报。
What informational advantage do short-term investors have? This paper demonstrates that short-term investors can benefit from the ability to process public, but slowly diffusing, supply chain information ahead of other market participants. In support of this argument, we find that short-term investors establish larger long and short positions in firms with high customer concentration. In addition, an increase in short-term institutional ownership is associated with higher stock returns in firms with high customer concentration, supporting the informational advantage hypothesis. Finally, the relationship between customer concentration and short-term institutional ownership strengthens in high information asymmetry environment. In contrast, we do not find preference towards high customer concentration firms among long-term institutions, who are less positioned to exploit short-lived informational benefits. • Short-term investors have skills to process public but slowly diffusing supply chain data. • Short-term investors take larger positions in firms with high customer concentration. • These positions, in turn, are associated with higher stock returns. • Long-term institutions show no preference for firms with high customer concentration.