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Conditions for rational investment short-termism

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  • George Christodoulakis

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Abstract

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Suggested Citation

  • George Christodoulakis, 2012. "Conditions for rational investment short-termism," Annals of Finance, Springer, vol. 8(1), pages 15-29, February.
  • Handle: RePEc:kap:annfin:v:8:y:2012:i:1:p:15-29
    DOI: 10.1007/s10436-011-0179-5
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    References listed on IDEAS

    as
    1. Robert Gibbons & Kevin J. Murphy, 1992. "Does Executive Compensation Affect Investment?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(2), pages 99-109.
    2. George Christodoulakis, 2006. "Generalised Rational Bias in Financial Forecasts," Annals of Finance, Springer, vol. 2(4), pages 397-405, October.
    3. Wahal, Sunil & McConnell, John J., 2000. "Do institutional investors exacerbate managerial myopia?," Journal of Corporate Finance, Elsevier, vol. 6(3), pages 307-329, September.
    4. Clive W.J. Granger, 1999. "Outline of forecast theory using generalized cost functions," Spanish Economic Review, Springer;Spanish Economic Association, vol. 1(2), pages 161-173.
    5. Christoffersen, Peter F. & Diebold, Francis X., 1997. "Optimal Prediction Under Asymmetric Loss," Econometric Theory, Cambridge University Press, vol. 13(06), pages 808-817, December.
    6. Miles, David, 1993. "Testing for Short Termisn in the UK Stock Market," Economic Journal, Royal Economic Society, vol. 103(421), pages 1379-1396, November.
    7. Lundstrum, Leonard L., 2002. "Corporate investment myopia: a horserace of the theories," Journal of Corporate Finance, Elsevier, vol. 8(4), pages 353-371, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Investment horizon; Gamma; Generalized gamma; Exponential; LinEx; Loss function; Short-termism; G14; G31; G34;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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