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Graham, Harvey, and Rajgopal (2005): “The Economic Implications of Corporate Financial Reporting”
Journal of Accounting and Economics
Roe (2018): “Stock Market Short-Termism’s Impact”
Asker, Farre-Mensa, and Ljungqvist (2015): “Corporate investment and stock market listing: A puzzle?"
Review of Financial Studies
Maksimovic, Phillips, and Yang (2019): “Do public firms respond to investment opportunities more than private firms? The impact of initial firm quality”
Shortsighted Complaints About Short-Term Capitalism (Sebastian Mallaby)
- Stock markets do not penalise investmentFinally, Evidence That Managing For the Long Term Pays Off (Dominic Barton, James Manyika, Sarah Keohane Williamson)
- McKinsey study that creates an index of long-termism and argues that long-term companies perform betterIs Corporate Short-Termism Really a Problem? The Jury’s Still Out (Lawrence H Summers)
- Larry Summers’s response to the above articleA Layman’s Guide To Separating Causation From Correlation … and Noticing When Claims of Causality Are Invalid (Alex Edmans)
- Concerns that the McKinsey results may arise from reverse causalityIs Short Termism Really A Problem? (Alex Edmans, based on an article by Steve Kaplan)
- The evidence that businesses are excessively short-termist is far from one-way