Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/242014 
Year of Publication: 
2022
Citation: 
[Journal:] Review of Financial Economics [ISSN:] 1873-5924 [Volume:] 40 [Issue:] 1 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2022 [Pages:] 5-19
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
In this study, we examine the differences in Investment, Employment, and Share repurchase sensitivities to uncertainty between firms with varying investor horizons. We test for these effects using two macro-based uncertainty measures (Baker et al., 2016; Ahir et al., 2018). The results show that in uncertainty times, greater short-term investor ownership is associated with less investment and hiring, and more net share buybacks. These findings are consistent with the preference of short-horizon investors of seeking to divest in the near future, thus, wanting to maximize current stock prices.
Subjects: 
corporate policy
investor horizon
uncertainty
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article
Document Version: 
Published Version

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