"One important takeaway is that firms with long-term horizons exist," says Harvard Business School Assistant Professor George Serafeim, coauthor of the working paper Short-termism, Investor Clientele, and Firm Risk, with HBS Assistant Professor Francois Brochet and doctoral candidate Maria Loumioti. "We tend to make sweeping statements and overgeneralize," Serafeim says. "Many companies are being managed for the long term."

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