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  • 30 Nov 2020
  • Working Paper Summaries

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

Keywords: by Jesse M. Fried and Charles C.Y. Wang
  • 06 Mar 2018
  • First Look

First Look at Research and Ideas, March 6, 2018

Charles C.Y., and Jesse M. Fried Abstract—It’s no secret that the American economy is suffering from the twin ills... View Details
Keywords: Sean Silverthorne
  • 24 Jan 2017
  • First Look

First Look at New Research: January 24, 2017

long-run growth dynamics. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=52130 Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right By: Fried, Jesse M., View Details
Keywords: Sean Silverthorne
  • 08 Aug 2017
  • First Look

First Look at Research and Ideas, August 8, 2017

Matthew D. Shaffer, and Charles C.Y. Wang Abstract—We study how a stock index can affect corporate behavior by... View Details
Keywords: Sean Silverthorne
  • 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
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  • 05 Jun 2018
  • First Look

New Research and Ideas, June 5, 2018

decisions to them. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=53665 Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach By: Chattopadhyay, Akash, Matthew R. Lyle, and View Details
Keywords: Dina Gerdeman
  • 12 Jun 2018
  • First Look

New Research and Ideas, June 12, 2018

simplifying decisions. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=53178 Short-Termism and Capital Flows By: Fried, Jesse M., and View Details
Keywords: Dina Gerdeman
  • 27 Jun 2017
  • First Look

First Look at New Research and Ideas, June 27

and Charles C.Y. Wang Abstract—We argue, from an extensive literature review, that in the vast majority of research settings, biases in... View Details
Keywords: Sean Silverthorne
  • 09 May 2017
  • First Look

New Research and Ideas, May 9

https://www.hbs.edu/faculty/Pages/item.aspx?num=52605 Relative Performance Benchmarks: Do Boards Follow the Informativeness Principle? By: Ma, Paul, Jee Eun Shin, and Charles View Details
Keywords: Sean Silverthorne
  • 04 Dec 2018
  • First Look

New Research and Ideas, December 4, 2018

behavior through reputational or status incentives. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55333 forthcoming Review of Corporate Finance Studies Short-Termism and Capital Flows By: Fried, View Details
Keywords: Dina Gerdeman
  • June 2021
  • Article

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—rising levels of repurchases and dividends—is incomplete and... View Details
Keywords: Short-termism; EU; Payout Policy; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union
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  • 14 Nov 2017
  • First Look

New Research and Ideas: November 14, 2017

https://www.hbs.edu/faculty/Pages/item.aspx?num=52652 Governance Through Shame and Aspiration: Index Creation and Corporate Behavior By: Chattopadhyay, Akash, Matthew D. Shaffer, View Details
Keywords: Carmen Nobel
  • 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; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union
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  • October 27, 2020
  • Blog Post

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

By: Jesse M. Fried and Charles C.Y. Wang
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  • 27 Feb 2018
  • First Look

First Look at New Research and Ideas, February 27, 2018

Benchmarks: Do Boards Follow the Informativeness Principle? By: Ma, Paul, Jee Eun Shin, and Charles C.Y. Wang Abstract—Relative total shareholder... View Details
Keywords: Sean Silverthorne
  • 08 Oct 2013
  • First Look

First Look: October 8

to the average advertiser. Download working paper: https://www.hbs.edu/faculty/Pages/download.aspx?name=11-124.pdf Expected Returns Dynamics Implied by Firm Fundamentals By: Lyle, Matthew R., and View Details
Keywords: Sean Silverthorne
  • 31 Jan 2017
  • First Look

First Look at New Research: January 31, 2017

https://www.hbs.edu/faculty/Pages/item.aspx?num=52149 Relative Performance Benchmarks: Do Boards Get It Right? By: Ma, Paul, Jee Eun Shin, and Charles C.Y. View Details
Keywords: Carmen Nobel
  • 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
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  • 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
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  • 2021
  • Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details
Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing
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