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SUMMARY:Are Foreign Investors Locusts? The Long-Term Effects of Foreign In
 stitutional Ownership - Professor Pedro Matos\, Associate Professor of Fin
 ance at Darden School of  Business 
DTSTART:20160310T103000Z
DTEND:20160310T120000Z
UID:TALK64980@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:This paper challenges the view that foreign investors lead fir
 ms to adopt a short-term orientation and forgo long-term investment. Using
  a comprehensive sample of publicly listed firms in 30 countries over the 
 2001-2010 period\, we find instead that greater\nforeign institutional own
 ership fosters long-term investment in tangible\, intangible\, and human c
 apital. Foreign institutional ownership also leads to significant increase
 s in innovation output. We identify these effects by exploiting the exogen
 ous variation in\nforeign institutional ownership that follows the additio
 n of a firm to the MSCI indices. Our results suggest that foreign institut
 ions exert a disciplinary role on entrenched corporate insiders worldwide.
LOCATION:Cambidge Judge Business School\, W4.05
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