Are foreign investors locusts?

Detalhes bibliográficos
Autor(a) principal: Bena, Jan
Data de Publicação: 2017
Outros Autores: Ferreira, Miguel A., Matos, Pedro, Pires, Pedro
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/28878
Resumo: Funding: European Research Council (ERC); Batten Institute; Batten Institute; Richard A. Mayo Center for Asset Management at Darden School of Business; Social Sciences and Humanities Research Council (SSHRC) of Canada. "Close funding text: the authors acknowledge financial support from the European Research Council (ERC), the Batten Institute and the Richard A. Mayo Center for Asset Management at the Darden School of Business, and the Social Sciences and Humanities Research Council (SSHRC) of Canada."
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spelling Are foreign investors locusts?The long-term effects of foreign institutional ownershipInnovationInstitutional ownershipInvestmentMonitoringPatentsFunding: European Research Council (ERC); Batten Institute; Batten Institute; Richard A. Mayo Center for Asset Management at Darden School of Business; Social Sciences and Humanities Research Council (SSHRC) of Canada. "Close funding text: the authors acknowledge financial support from the European Research Council (ERC), the Batten Institute and the Richard A. Mayo Center for Asset Management at the Darden School of Business, and the Social Sciences and Humanities Research Council (SSHRC) of Canada."This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. We find instead that greater foreign institutional ownership fosters long-term investment in fixed capital, innovation, and human capital. Foreign institutional presence also leads to a higher innovation productivity. We identify these effects by exploiting the exogenous variation in foreign institutional ownership that follows the addition of a stock to the MSCI World index. Our findings are explained by the disciplinary role of foreign institutions on lazy managers worldwide.NOVA School of Business and Economics (NOVA SBE)RUNBena, JanFerreira, Miguel A.Matos, PedroPires, Pedro2022-02-08T01:30:24Z2017-102017-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/28878eng0304-405XPURE: 2581896https://doi.org/10.1016/j.jfineco.2017.07.005info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:15:37Zoai:run.unl.pt:10362/28878Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:29:05.460793Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Are foreign investors locusts?
The long-term effects of foreign institutional ownership
title Are foreign investors locusts?
spellingShingle Are foreign investors locusts?
Bena, Jan
Innovation
Institutional ownership
Investment
Monitoring
Patents
title_short Are foreign investors locusts?
title_full Are foreign investors locusts?
title_fullStr Are foreign investors locusts?
title_full_unstemmed Are foreign investors locusts?
title_sort Are foreign investors locusts?
author Bena, Jan
author_facet Bena, Jan
Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
author_role author
author2 Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
author2_role author
author
author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Bena, Jan
Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
dc.subject.por.fl_str_mv Innovation
Institutional ownership
Investment
Monitoring
Patents
topic Innovation
Institutional ownership
Investment
Monitoring
Patents
description Funding: European Research Council (ERC); Batten Institute; Batten Institute; Richard A. Mayo Center for Asset Management at Darden School of Business; Social Sciences and Humanities Research Council (SSHRC) of Canada. "Close funding text: the authors acknowledge financial support from the European Research Council (ERC), the Batten Institute and the Richard A. Mayo Center for Asset Management at the Darden School of Business, and the Social Sciences and Humanities Research Council (SSHRC) of Canada."
publishDate 2017
dc.date.none.fl_str_mv 2017-10
2017-10-01T00:00:00Z
2022-02-08T01:30:24Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/28878
url http://hdl.handle.net/10362/28878
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0304-405X
PURE: 2581896
https://doi.org/10.1016/j.jfineco.2017.07.005
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