Shareholder Investment Horizons and the Market for Corporate Control

By José-Miguel Gaspar, Massimo Massa, Pedro Matos. 2005

1,120 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/67b5466da7fde6970fc4b920a4b63ea60f1a9cc3

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Citations in the corpus

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership (2017, methodology): “Following Gaspar et al. (2005) and Harford et al. (2015) , we measure investment horizons using investors’ portfolio turnover (churn rate).”
The role of institutional investors in propagating the crisis of 2007-2008. (2012, positive): “Standard literature (e.g., Chen, Goldstein, and Jiang, 2010; Gaspar, Massa, and Matos, 2005) suggests that funds that turn over their portfolios more rapidly are matched with investors with shorter investment horizons and higher redemption needs.”
Institutional Ownership Stability and the Cost of Debt (2010, positive): “Gaspar et al. (2005) first calculate a turnover measure called the “churn rate”, for”
Serial Acquirer Bidding: An Empirical Test of the Learning Hypothesis (2011, methodology): “The average AR premium is 32.33%, whereas Schwert (1996) and Gaspar et al. (2005) report average AR premiums of 23% (1975–1991) and 23.4% (1990–1999), respectively.”
Abnormal real operations, real earnings management, and subsequent crashes in stock prices (2014, neutral): “Our construction of these two institutional variables closely follows the formulas in Gaspar et al. (2005).”
Motivated monitors: The importance of institutional investors׳ portfolio weights (2015, positive): “Similarly, Gaspar et al. (2005) focus on portfolio turnover as the defining characteristic of the institution and argue for better monitoring in the presence of lower turnover.”
Institutional Investment Horizon and Investment-Cash Flow Sensitivity (2012, methodology): “Additionally, Gaspar et al. (2005) emphasize the importance of controlling for other institutional characteristics that might be correlated with investor turnover.”
The colors of investors’ money: The role of institutional investors around the world (2008, neutral): “Gillan and Starks (2003) posit that the rise of professional money managers as a large shareholder group in corporations worldwide offers the potential for increased monitoring of firm management.”
Institutional Investor Stability and Crash Risk: Monitoring versus Short-Termism? (2013, background): “Prior studies document empirical evidence linking institutional investor stability to various economic outcomes, including R&D investments, domestic and foreign acquisition decisions and debt financing costs (Bushee, 1998; Gaspar et al., 2005; Callen et al., 2005; Chen et al., 2007; Elyasiani et al.”
Are Family Firms More Tax Aggressive Than Non-Family Firms? (2010, methodology): “As in Gaspar et al. (2005), we calculate average institutional ownership turnover for a given firm-year and classify firms with institutional ownership turnover measure in the bottom quartile of the sample distribution as firms with long-term institutional investors.”