| 000 | 01718naa a2200181uu 4500 | ||
|---|---|---|---|
| 001 | 1111115434941 | ||
| 003 | OSt | ||
| 005 | 20190211180151.0 | ||
| 008 | 111111s2010 xx ||||gr |0|| 0 eng d | ||
| 100 | 1 |
_aSOUDER, David _945389 |
|
| 245 | 1 | 0 | _aConstraints and incentives for making long horizon corporate investments |
| 260 |
_aU.S.A : _bWiley-Blackwell, _cdec. 2010 |
||
| 520 | 3 | _aThis paper examines the conditions under which firms make long horizon investments (i.e., investments that take a long period of time to pay off). We predict firms are constrained from making long horizon investments when short-term performance is poorand this effect is especially pronounced for young firms. Moreover, we argue that when managers hold high levels of exercisable stock options, their firms are less likely to make long-term investments. However, firms are more likely to pursue long horizon investments when managerial stock options are not yet exercisable. Based on analysis of investments made by cable television operators from 19721996, we find support for these predictions. In addition to enhancing our understanding of investment choices, these resultsderived from the temporally focused analysis of an investment's payoff horizonsuggest that payoff horizon is an important investment attribute in its own right and should be analyzed distinctly from and in addition to other aspects of investments, such as expected return and risk. Copyright © 2010 John Wiley & Sons, Ltd | |
| 700 | 1 |
_aSHAVER, J. Myles _922885 |
|
| 773 | 0 | 8 |
_tStrategic Management Journal _g31, 12, p. 1316-1337 _dU.S.A : Wiley-Blackwell, dec. 2010 _xISSN 01432095 _w |
| 942 | _cS | ||
| 998 |
_a20111111 _b1543^b _cGeisneer |
||
| 999 |
_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c40990 _d40990 |
||
| 041 | _aeng | ||