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[Seminar] 財金系 12/01 (五) 上午 10:30 邀請 Dr. Hwanki Brian Kim 演講
活動起日:2017-12-01 
發佈日期:2017-11-27 
瀏覽數:128  2017-11-27 更新

本系擬於 12/01 () 邀請 Dr. Hwanki Brian Kim 至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 12/01 () 10:30-12:00

地點: 管理學院一號館 405 教室

講者: Dr. Hwanki Brian Kim

講題: The Effect of Investor Horizons on Corporate Investment Horizons

 

Abstract:

Using new patent-based industry-level measures of the horizons and values of corporate investment, I find that in response to an increase in long-term institutional ownership firms reallocate their capital toward divisions with long product life-cycle and high innovation value, which leads to longer corporate investment horizons and higher investment values at firm level. To disentangle investors' effects from spurious correlations, I employ a widely-adopted identification strategy based on the discontinuity in long-term ownerships around Russell 1000/2000 index thresholds. The effects are strongest among firms with more undervaluation. I also document a possible channel through which investors affect corporate investment horizon - the managerial incentive channel. These results are consistent with the horizon alignment hypothesis that long-term investors could mitigate inefficient corporate short-termisms in real investment decisions among undervalued firms.