Investor Horizons and Corporate Policies
By F. Derrien, Ambrus Kecskés, David Thesmar. 2013
187 citations recorded by the source corpus.
Subfields: Accounting, Strategy and Management
View Paper: https://www.semanticscholar.org/paper/da43df20cf31edb1598f7e9ab728846923828ce1
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Citations in the corpus
- Stock Liquidity and Stock Price Crash Risk (2016, background): “We sort all institutional investors based on their average churn rate (i.e., portfolio turnover) over the past four quarters, as per Yan and Zhang (2009), and based on the fraction of their portfolios turned over during the past twelve quarters, as per Derrien, Kecskes, and Thesmar (2013).”
- Institutional investors' horizons and corporate employment decisions (2020, unknown): “Following Derrien, Kecskés, and Thesmar (2013), and Kecskés, Mansi, and Nguyen (2014), our first approach to addressing this potential endogeneity problem and establishing causality is to use long-term indexers.”
- Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections (2021, unknown): “…run.41 Posit that markets anticipated the roll-back of climate policy to be temporary, with probable intensification to follow -- as 40For instance, Derrien, Kecskés, and Thesmar (2013) find that a longer-horizon shareholder base attenuates the effect of stock mispricing on corporate policies.”
- Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis (2021, unknown): “, 2005; Derrien et al., 2013), we capture an institutional investor’s investment horizon through its portfolio turnover. Although investor horizons are not directly observable, the rationale behind this approach is that an investor which changes very frequently the composition of its portfolio is mo”