Are U.S. firms becoming more short‐term oriented? Evidence of shifting firm time horizons from implied discount rates, 1980–2013

Research Summary We provide evidence that investors in U.S. public markets are increasingly discounting firms' expected future cash flows during 1980–2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To...

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Bibliographic Details
Published in:Strategic management journal 2023-01, Vol.44 (1), p.231-263
Main Authors: Sampson, Rachelle C., Shi, Yuan
Format: Article
Language:English
Subjects:
CEO compensation
Companies
Compensation
Discount rates
Discounting
Executive compensation
Financial incentives
institutional investing
Investments
Investors
Markets
myopia
Ownership
Policy making
R&D investment
Reduction (Phonological or Phonetic)
short termism
Strategies
Time
time horizons
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