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Are foreign investors locusts?

2017-10Artigo científico Acesso aberto
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dc.contributor.authorBena, Jan
dc.contributor.authorFerreira, Miguel A.
dc.contributor.authorMatos, Pedro
dc.contributor.authorPires, Pedro
dc.contributor.institutionNOVA School of Business and Economics (NOVA SBE)
dc.contributor.pblElsevier
dc.date.accessioned2018-01-23T23:12:01Z
dc.date.available2022-02-08T01:30:24Z
dc.date.embargoedUntil2021-08-03
dc.date.issued2017-10
dc.descriptionFunding: 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."
dc.description.abstractThis 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.en
dc.description.versionauthorsversion
dc.description.versionpublished
dc.format.extent676095
dc.identifier.doi10.1016/j.jfineco.2017.07.005
dc.identifier.issn0304-405X
dc.identifier.otherPURE: 2581896
dc.identifier.otherPURE UUID: e7b66a05-c367-41a7-b7f2-d34ac610ee61
dc.identifier.otherScopus: 85025586022
dc.identifier.otherWOS: 000413610800006
dc.identifier.urihttp://hdl.handle.net/10362/28878
dc.identifier.urlhttps://www.scopus.com/record/display.uri?eid=2-s2.0-85025586022&origin=resultslist&sort
dc.language.isoeng
dc.peerreviewedyes
dc.subjectInnovation
dc.subjectInstitutional ownership
dc.subjectInvestment
dc.subjectMonitoring
dc.subjectPatents
dc.titleAre foreign investors locusts?en
dc.title.subtitleThe long-term effects of foreign institutional ownershipen
dc.typejournal article
degois.publication.firstPage122
degois.publication.issue1
degois.publication.lastPage146
degois.publication.titleJournal of Financial Economics
degois.publication.volume126
dspace.entity.typePublication
rcaap.rightsopenAccess

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