{"id":"https://openalex.org/W3124336801","doi":"https://doi.org/10.1287/mnsc.2020.3702","title":"Adapting to Radical Change: The Benefits of Short-Horizon Investors","display_name":"Adapting to Radical Change: The Benefits of Short-Horizon Investors","publication_year":2020,"publication_date":"2020-10-06","ids":{"openalex":"https://openalex.org/W3124336801","doi":"https://doi.org/10.1287/mnsc.2020.3702","mag":"3124336801"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2020.3702","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2020.3702","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042495954","display_name":"Mariassunta Giannetti","orcid":"https://orcid.org/0000-0003-1568-8939"},"institutions":[{"id":"https://openalex.org/I180242103","display_name":"Stockholm School of Economics","ror":"https://ror.org/01s5jzh92","country_code":"SE","type":"education","lineage":["https://openalex.org/I180242103"]},{"id":"https://openalex.org/I4210136188","display_name":"European Corporate Governance Institute","ror":"https://ror.org/04egehb02","country_code":"BE","type":"nonprofit","lineage":["https://openalex.org/I4210136188"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]}],"countries":["BE","GB","SE"],"is_corresponding":false,"raw_author_name":"Mariassunta Giannetti","raw_affiliation_strings":["Center for Economic and Policy Research, London EC1V 0DX, United Kingdom;","European Corporate Governance Institute, 1000 Brussels, Belgium;","Stockholm School of Economics, S-11383 Stockholm, Sweden;"],"raw_orcid":"https://orcid.org/0000-0003-1568-8939","affiliations":[{"raw_affiliation_string":"Center for Economic and Policy Research, London EC1V 0DX, United Kingdom;","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"European Corporate Governance Institute, 1000 Brussels, Belgium;","institution_ids":["https://openalex.org/I4210136188"]},{"raw_affiliation_string":"Stockholm School of Economics, S-11383 Stockholm, Sweden;","institution_ids":["https://openalex.org/I180242103"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101752325","display_name":"Xiaoyun Yu","orcid":"https://orcid.org/0000-0002-8601-4651"},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Xiaoyun Yu","raw_affiliation_strings":["Department of Finance, Kelley School of Business, Indiana University, Bloomington, Indiana 47405"],"raw_orcid":"https://orcid.org/0000-0002-8601-4651","affiliations":[{"raw_affiliation_string":"Department of Finance, Kelley School of Business, Indiana University, Bloomington, Indiana 47405","institution_ids":["https://openalex.org/I4210119109"]}]}],"institutions":[],"countries_distinct_count":4,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":10.6711,"has_fulltext":false,"cited_by_count":62,"citation_normalized_percentile":{"value":0.9835883,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"67","issue":"7","first_page":"4032","last_page":"4055"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9873999953269958,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/endogeneity","display_name":"Endogeneity","score":0.6168472766876221},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.61014723777771},{"id":"https://openalex.org/keywords/institutional-investor","display_name":"Institutional investor","score":0.5745497941970825},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.5706465840339661},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.5291756987571716},{"id":"https://openalex.org/keywords/term","display_name":"Term (time)","score":0.4657590687274933},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.41992437839508057},{"id":"https://openalex.org/keywords/time-horizon","display_name":"Time horizon","score":0.4100354015827179},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.4087270498275757},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3392758369445801},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"Corporate governance","score":0.1037023663520813},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.0875914990901947},{"id":"https://openalex.org/keywords/politics","display_name":"Politics","score":0.08157458901405334}],"concepts":[{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.6168472766876221},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.61014723777771},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.5745497941970825},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5706465840339661},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5291756987571716},{"id":"https://openalex.org/C61797465","wikidata":"https://www.wikidata.org/wiki/Q1188986","display_name":"Term (time)","level":2,"score":0.4657590687274933},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.41992437839508057},{"id":"https://openalex.org/C28761237","wikidata":"https://www.wikidata.org/wiki/Q7805321","display_name":"Time horizon","level":2,"score":0.4100354015827179},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.4087270498275757},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3392758369445801},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.1037023663520813},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.0875914990901947},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.08157458901405334},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1287/mnsc.2020.3702","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2020.3702","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:inm:ormnsc:v:67:y:2021:i:7:p:4032-4055","is_oa":false,"landing_page_url":"http://doi.org/10.1287/mnsc.2020.3702","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/9","display_name":"Industry, innovation and infrastructure","score":0.6399999856948853}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":43,"referenced_works":["https://openalex.org/W1879687480","https://openalex.org/W1979927021","https://openalex.org/W2056238342","https://openalex.org/W2063503639","https://openalex.org/W2084169808","https://openalex.org/W2105828471","https://openalex.org/W2118624385","https://openalex.org/W2124818750","https://openalex.org/W2165376318","https://openalex.org/W2316509495","https://openalex.org/W2745062006","https://openalex.org/W2757815757","https://openalex.org/W2807395762","https://openalex.org/W2810094550","https://openalex.org/W2889957879","https://openalex.org/W2942009105","https://openalex.org/W2976004985","https://openalex.org/W3022435380","https://openalex.org/W3022527834","https://openalex.org/W3023181463","https://openalex.org/W3121314567","https://openalex.org/W3121479022","https://openalex.org/W3121801205","https://openalex.org/W3121850914","https://openalex.org/W3122427457","https://openalex.org/W3122682073","https://openalex.org/W3122985187","https://openalex.org/W3123143636","https://openalex.org/W3123997713","https://openalex.org/W3124062128","https://openalex.org/W3124076537","https://openalex.org/W3124130758","https://openalex.org/W3124228608","https://openalex.org/W3124642447","https://openalex.org/W3124663273","https://openalex.org/W3124856940","https://openalex.org/W3124914565","https://openalex.org/W3125210549","https://openalex.org/W3125276999","https://openalex.org/W3125678836","https://openalex.org/W3125801986","https://openalex.org/W4233420185","https://openalex.org/W4289255473"],"related_works":["https://openalex.org/W3164230063","https://openalex.org/W4252805411","https://openalex.org/W3185282108","https://openalex.org/W2497268598","https://openalex.org/W2100026337","https://openalex.org/W3165722027","https://openalex.org/W2318072371","https://openalex.org/W3033371290","https://openalex.org/W2187503555","https://openalex.org/W1485357947"],"abstract_inverted_index":{"We":[0],"show":[1],"that,":[2],"following":[3],"shocks":[4],"that":[5,69],"change":[6],"an":[7],"industry\u2019s":[8],"competitive":[9,80],"environment,":[10],"firms":[11,31,40,70],"with":[12,71],"more":[13,45,52,72],"short-term":[14,73],"institutional":[15,84],"investors":[16,74],"experience":[17],"smaller":[18],"drops":[19],"in":[20,60],"sales":[21],"and":[22,24,55,86],"investment":[23],"have":[25,56],"better":[26,76],"long-term":[27],"performance":[28],"than":[29],"similar":[30],"affected":[32],"by":[33,101],"the":[34,61,64,78],"shocks.":[35,65],"To":[36],"do":[37,90],"so,":[38],"these":[39],"introduce":[41],"new":[42,79],"products,":[43],"file":[44],"trademarks,":[46],"intensify":[47],"their":[48],"innovation":[49],"efforts,":[50],"conduct":[51],"diversifying":[53],"acquisitions,":[54],"higher":[57],"executive":[58],"turnover":[59],"aftermath":[62],"of":[63,83],"Our":[66],"findings":[67],"suggest":[68],"adapt":[75],"to":[77,93],"environment.":[81],"Endogeneity":[82],"ownership":[85],"other":[87],"selection":[88],"problems":[89],"not":[91],"appear":[92],"drive":[94],"our":[95],"findings.":[96],"This":[97],"paper":[98],"was":[99],"accepted":[100],"Gustavo":[102],"Manso,":[103],"finance.":[104]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":12},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":9},{"year":2022,"cited_by_count":11},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-05-21T06:26:12.895304","created_date":"2025-10-10T00:00:00"}