Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Research
    • Research
    • Publications
    • Global Research Centers
    • Case Development
    • Initiatives & Projects
    • Research Services
    • Seminars & Conferences
    →
  • Publications→

Publications

Publications

Filter Results : (22) Arrow Down
Filter Results : (22) Arrow Down Arrow Up

Show Results For

  • All HBS Web  (95)
    • Faculty Publications  (22)

    Show Results For

    • All HBS Web  (95)
      • Faculty Publications  (22)

      Short-termism Remove Short-termism →

      Page 1 of 22 Results →

      Are you looking for?

      Short-Termism, Shareholder Payouts, and Investment in the EU
      Short-Termism and Capital Flows
      → Search All HBS Web
      • 2021
      • Article

      The Sustainable Corporate Governance Initiative in Europe

      By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang
      In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable...  View Details
      Keywords: short-termism; Hedge Funds; Shareholder Activism; Securities Regulation; Agency Costs; Political Economy; Payouts; Repurchases; Corporate Governance; Investment Funds; Investment Activism; Research And Development; Investment; European Union
      Citation
      SSRN
      Read Now
      Related
      Roe, Mark, Holger Spamann, Jesse M. Fried, and Charles C.Y. Wang. "The Sustainable Corporate Governance Initiative in Europe." Yale Journal on Regulation Bulletin 38 (2021): 133–153.
      • Article

      The EU's Unsustainable Approach to Stakeholder Capitalism

      By: Jesse M. Fried and Charles C.Y. Wang
      A recent report by the EU claims that investor-driven short-termism is encouraging firms to return cash rather than invest it, which reduces capital available for investment in growth. The authors show that the data behind the report do not support its claims and...  View Details
      Keywords: short-termism; Sustainability; Capital; Investment; Decision Making; Business And Stakeholder Relations; European Union
      Citation
      Find at Harvard
      Related
      Fried, Jesse M., and Charles C.Y. Wang. "The EU's Unsustainable Approach to Stakeholder Capitalism." Harvard Business Review Digital Articles (January 29, 2021).
      • October 27, 2020
      • Blog Post

      Short-Termism, Shareholder Payouts, and Investment in the EU

      By: Jesse M. Fried and Charles C.Y. Wang
      Citation
      Read Now
      Related
      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism, Shareholder Payouts, and Investment in the EU." Harvard Law School Forum on Corporate Governance and Financial Regulation (October 27, 2020). https://corpgov.law.harvard.edu/2020/10/27/short-termism-shareholder-payouts-and-investment-in-the-eu/.
      • 2020
      • Working Paper

      Short-Termism, Shareholder Payouts, and Investment in the EU

      By: Jesse M. Fried and Charles C.Y. Wang
      Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is...  View Details
      Keywords: short-termism; Quarterly Capitalism; Eu; Dividends; Equity Issuances; Equity Compensastion; Capital Flows; Capital Distribution; R&d; Investment; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union
      Citation
      SSRN
      Read Now
      Related
      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism, Shareholder Payouts, and Investment in the EU." Harvard Business School Working Paper, No. 21-054, October 2020.
      • Article

      Short-Termism and Capital Flows

      By: Jesse M. Fried and Charles C.Y. Wang
      During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account...  View Details
      Keywords: short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business And Shareholder Relations; Acquisition
      Citation
      SSRN
      Find at Harvard
      Read Now
      Related
      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism and Capital Flows." Review of Corporate Finance Studies 8, no. 1 (March 2019): 207–233.
      • Editorial

      Why CEOs Should Share Their Long-Term Plans with Investors

      By: Christina Rehnberg, George Serafeim and Brian Tomlinson
      Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing...  View Details
      Keywords: Ceo; Investor Relations; Strategy; Disclosure; Long-term Growth; Investing; Business And Shareholder Relations; Strategy; Corporate Disclosure
      Citation
      Register to Read
      Related
      Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018).
      • Editorial

      Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All

      By: George Serafeim
      Earlier this year, Tesla shareholders approved likely the largest compensation package ever awarded to a CEO—for a CEO who clearly doesn’t need the money. Elon Musk is already incredibly rich and also doesn’t seem particularly motivated by further wealth. So why do it?...  View Details
      Keywords: Tesla; Elon Musk; Innovation; Investor Communication; Investor Relations; short-termism; Long-termism; Disruption; Executive Compensation; Business And Shareholder Relations; Communication Intention And Meaning; Mission And Purpose
      Citation
      Register to Read
      Related
      Serafeim, George. "Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All." Harvard Business Review (website) (May 1, 2018).
      • March 2018
      • Article

      Making the Numbers? 'Short Termism' and the Puzzle of Only Occasional Disaster

      By: Hazhir Rahmandad, Rebecca Henderson and Nelson P. Repenning
      Much recent work in strategy and popular discussion suggests that an excessive focus on "managing the numbers"—delivering quarterly earnings at the expense of longer-term investments—makes it difficult for firms to make the investments necessary to build competitive...  View Details
      Keywords: Capability; short-termism; System Dynamics; Tipping Point; Resource Allocation; Business Or Company Management; Earnings Management; Resource Allocation
      Citation
      Find at Harvard
      Related
      Rahmandad, Hazhir, Rebecca Henderson, and Nelson P. Repenning. "Making the Numbers? 'Short Termism' and the Puzzle of Only Occasional Disaster." Management Science 64, no. 3 (March 2018): 1328–1347.
      • November 2017
      • Editorial

      Facebook, BlackRock, and the Case for Purpose-Driven Companies

      By: George Serafeim
      Purpose-driven companies have been shown to outperform their peers over the long term. But purpose-driven companies are also hard to come by. Why is that? Because purpose is costly. At the very least, it requires a credible commitment to that purpose. And credible...  View Details
      Keywords: Facebook; Blackrock; Purpose; Corporate Purpose; Corporate Governance; Leadership; Esg; short-termism; Mission And Purpose; Corporate Governance; Leadership
      Citation
      Register to Read
      Related
      Serafeim, George. "Facebook, BlackRock, and the Case for Purpose-Driven Companies." Harvard Business Review (website) (January 16, 2018).
      • Editorial

      How Laws and Culture Hold Back Socially Minded Companies

      By: George Serafeim, Daniela Saltzman and Bronagh Ward
      Keywords: Corporate Purpose; Benefit Corporation; short-termism; Culture; Corporate Law; Shareholder Activism
      Citation
      Register to Read
      Related
      Serafeim, George, Daniela Saltzman, and Bronagh Ward. "How Laws and Culture Hold Back Socially Minded Companies." Harvard Business Review (website) (May 18, 2017).
      • January 12, 2017
      • Blog Post

      Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right

      By: Jesse Fried and Charles CY Wang
      Citation
      Read Now
      Related
      Fried, Jesse, and Charles CY Wang. "Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right." Harvard Law School Forum on Corporate Governance and Financial Regulation (January 12, 2017). https://corpgov.law.harvard.edu/2017/01/12/short-termism-and-shareholder-payouts-getting-corporate-capital-flows-right/.
      • 2017
      • Working Paper

      Economic Uncertainty and Earnings Management

      By: Luke C.D. Stein and Charles C.Y. Wang
      In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document empirically that when financial markets are less certain about a firm's...  View Details
      Keywords: Earnings Management; Discretionary Accruals; Uncertainty; Implied Volatility; Earnings Response Coefficient; Risk And Uncertainty; Earnings Management; Financial Markets
      Citation
      SSRN
      Read Now
      Related
      Stein, Luke C.D., and Charles C.Y. Wang. "Economic Uncertainty and Earnings Management." Harvard Business School Working Paper, No. 16-103, March 2016. (Revised April 2017.)
      • September 2015
      • Article

      Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia

      By: Francois Brochet, Maria Loumioti and George Serafeim
      We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives'...  View Details
      Keywords: short-termism; Management Styles; Disclosure; Conference Calls; Investing; Earnings Management; Motivation And Incentives; Management Style; Forms Of Communication
      Citation
      SSRN
      Find at Harvard
      Related
      Brochet, Francois, Maria Loumioti, and George Serafeim. "Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia." Review of Accounting Studies 20, no. 3 (September 2015): 1122–1163.
      • Article

      Integrated Reporting and Investor Clientele

      By: George Serafeim
      In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors....  View Details
      Keywords: Integrated Reporting; Sustainability Reporting; Long-term Investing; short-termism; Corporate Governance; Accounting; Integrated Corporate Reporting; Environmental Sustainability; Investment; Corporate Governance
      Citation
      SSRN
      Find at Harvard
      Related
      Serafeim, George. "Integrated Reporting and Investor Clientele." Journal of Applied Corporate Finance 27, no. 2 (Spring 2015): 34–51.
      • January 2015
      • Technical Note

      Investor 'Short-Termism': Really A Shackle?

      By: Rebecca Henderson and Clayton Rose
      Citation
      Educators
      Purchase
      Related
      Henderson, Rebecca, and Clayton Rose. "Investor 'Short-Termism': Really A Shackle?" Harvard Business School Technical Note 315-084, January 2015.
      • 2014
      • Working Paper

      Making the Numbers? 'Short Termism' & the Puzzle of Only Occasional Disaster

      By: Hazhir Rahmandad, Nelson P. Repenning and Rebecca Henderson
      Much recent work in strategy and popular discussion suggests that an excessive focus on "managing the numbers"―delivering quarterly earnings at the expense of longer term investments―makes it difficult for firms to make the investments necessary to build competitive...  View Details
      Keywords: Earnings Management; Competitive Advantage
      Citation
      Read Now
      Related
      Rahmandad, Hazhir, Nelson P. Repenning, and Rebecca Henderson. "Making the Numbers? 'Short Termism' & the Puzzle of Only Occasional Disaster." Harvard Business School Working Paper, No. 15-027, October 2014.
      • June 18, 2014
      • Blog Post

      How to Kill Quarterly Earnings Guidance

      By: Gabriel Karageorgiou, Daniela Saltzman and George Serafeim
      Keywords: Earnings Management; Forecast; short-termism; Sustainability; Competitive Advantage; Earnings Management; Competitive Advantage
      Citation
      Read Now
      Related
      Karageorgiou, Gabriel, Daniela Saltzman, and George Serafeim. "How to Kill Quarterly Earnings Guidance." HBR Blog Network (June 18, 2014). http://blogs.hbr.org/2014/06/how-to-kill-quarterly-earnings-guidance/.
      • Spring 2014
      • Article

      Attracting Long-Term Investors Through Integrated Thinking and Reporting: A Clinical Study of a Biopharmaceutical Company

      By: Andrew Knauer and George Serafeim
      Faced with a large percentage of investors that chase short-term returns, companies could benefit by attracting investors with longer-term horizons and incentives that are more consistent with the long-term strategy of the company. The managers of most companies take...  View Details
      Keywords: Investing; Asset Management; Long-term Investing; short-termism; Sustainability; Integrated Reporting; Leadership & Corporate Accountability; Pharmaceutical Industry; Pharmaceuticals; Leadership; Integrated Corporate Reporting; Investment; Business And Stakeholder Relations; Corporate Finance; Biotechnology Industry; Pharmaceutical Industry
      Citation
      Find at Harvard
      Purchase
      Related
      Knauer, Andrew, and George Serafeim. "Attracting Long-Term Investors Through Integrated Thinking and Reporting: A Clinical Study of a Biopharmaceutical Company." Journal of Applied Corporate Finance 26, no. 2 (Spring 2014): 57–64.
      • June 2012
      • Article

      Short Termism: Don't Blame the Investors

      By: Francois Brochet, George Serafeim and Maria Loumioti
      The article presents research on executives and corporation investor relations. A study is conducted of the language used by executives in conference calls discussing earnings with investors and financial analysts. A correlation was found between the use of language...  View Details
      Keywords: Financial Management; Business Earnings; Managerial Roles; Investment; Agency Theory; Communication Strategy; Business And Shareholder Relations
      Citation
      Register to Read
      Related
      Brochet, Francois, George Serafeim, and Maria Loumioti. "Short Termism: Don't Blame the Investors." Harvard Business Review 90, no. 6 (June 2012).
      • 2012
      • Working Paper

      How Short-Termism Invites Corruption—And What to Do About It

      By: Malcolm S. Salter

      Researchers and business leaders have long decried short-termism: the excessive focus of executives of publicly traded companies-along with fund managers and other investors-on short-term results. The central concern is that short-termism discourages long-term...  View Details

      Keywords: Business And Shareholder Relations; Public Ownership; Performance Expectations; Economy; Crime And Corruption; Ethics; Trust; Financial Services Industry; United States
      Citation
      Read Now
      Related
      Salter, Malcolm S. "How Short-Termism Invites Corruption—And What to Do About It." Harvard Business School Working Paper, No. 12-094, April 2012.
      • 1
      • 2
      • →

      Are you looking for?

      Short-Termism, Shareholder Payouts, and Investment in the EU
      Short-Termism and Capital Flows
      → Search All HBS Web
      ǁ
      Campus Map
      Harvard Business School
      Soldiers Field
      Boston, MA 02163
      →Map & Directions
      →More Contact Information
      • Make a Gift
      • Site Map
      • Jobs
      • Harvard University
      • Trademarks
      • Policies
      • Digital Accessibility
      Copyright © President & Fellows of Harvard College