We investigate whether short-termism distorts the investment decisions of stock market listed firms. To do so, we … compare the investment behavior of observably similar public and private firms using a new data source on private U.S. firms … compared to private firms, public firms invest substantially less and are less responsive to changes in investment …

We document sizeable and surprising differences in investment behavior between stock market listed and privately held … responsive to changes in investment opportunities compared to matched private firms, even during the recent financial crisis … that investment behavior diverges most strongly in industries in which stock prices are particularly sensitive to current …

Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce …

investment decisions. On balance, the information transmitted through WOM does not appear to help investors make better … investment decisions. I explore possible reasons. I also discuss potential asset pricing implications, the emergence of social …

This paper examines to what extent stock market anomalies are driven by firm fundamentals in an investment-based asset … anomaly. The estimated model generates large and significant size, momentum, profitability, investment, and intangibles …

, then investors rely less on costly unbiased research. Managers are tempted to manipulate the firm stock price more, as a …, firm owners grant investors more access to managers that manipulate more strongly. An implication is that the firm cost of …