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The unintended consequences of retail investor attention: the case of the long-term use of short-term debt

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  • Liu, Cai
  • He, Xiaoxiao

Abstract

We explore the impact of retail investor attention (RIA) on the maturity mismatch between firms’ investment and financing. We document a positive and robust association between RIA and the long-term use of short-term debt (LUSD) of listed Chinese firms. The incremental impact of RIA is more pronounced for firms in more competitive industries, firms with high managerial myopia, and firms with low refinancing risk. Collectively, our findings suggest that RIA encourages managerial opportunistic behavior.

Suggested Citation

  • Liu, Cai & He, Xiaoxiao, 2025. "The unintended consequences of retail investor attention: the case of the long-term use of short-term debt," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008463
    DOI: 10.1016/j.frl.2025.107587
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