Are foreign investors locusts?
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , , |
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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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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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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