Short-term investors, long-term investments, and firm value: Evidence from Russell 2000 index inclusions

We document that an increase in short-horizon investors is associated with cuts to long-term investment and increased short-term earnings. This leads to temporary boosts in equity valuations that reverse over time. To estimate these effects, we use difference-in-differences regressions around firms’ additions to the Russell 2000, comparing firms with large and small increases in short-term ownership. We proxy for the presence of short-term investors using ownership by transient institutions. Our results suggest that short-term pressures by investors can lead to myopic firm behavior

Women in Politics and Corporate Board Diversity

Gender diversity on corporate boards has received academic, as well as regulatory attention over the past two decades. Recent years have also seen institutional investors become active in advocating for gender diversity on corporate boards. Though there has been an increase in the number of women directors over the past decades there continue to be barriers arising from “discrimination and culture” with concerns about “Tokenism” and the lack of a trickle-down effect to women in lower levels of the firm. In this study, we examine a hitherto unexplored mechanism that does not rely on regulatory mandates and that links the large literature on female political representation with gender diversity on corporate boards. We show that women candidates that win in close elections in House, Senate or Gubernatorial races lead to an increase in the number of female directors in firms located in these districts. The causal effect of electoral wins by women on board gender diversity is higher when the winning woman candidate receives higher media coverage and when voter turnout is high. These effects are consistent with the proposed mechanism that electoral wins convey information about majority views on women leadership and change gender related social norms that lead to local firms increasing board gender diversity. The evidence suggests that successful women leadership in the political sphere has a spillover effect on women leadership in the corporate world.https://digitalcommons.bucknell.edu/fac_coll/1050/thumbnail.jp

Information Networks Within Business Groups: Evidence from India ∗

We document that information sharing across divisions within a business group can generate substantial value. We hypothesize that business group firms generate proprietary information about the future performance of their industry, and can therefore help the asset management company within the group. Consistent with this hypothesis, we find that business group-owned mutual funds earn more on their investments in industries where the group has significant real operations. Business group mutual fund-owned stocks in related industries outperform business group mutual fund-owned stocks in unrelated industries by 6 percent per year; this out-performance increases to 16 percent per year in over-weighted stocks

Institutional Investors’ Investment Durations and Stock Return Anomalies: Momentum, Reversal, Accruals, Share Issuance and R&D Increases

This paper examines the effect of institutional investors? investment duration on the efficiency of stock prices. Using a new duration measure based on quarterly institutional investors? portfolio holdings, the presence of short-term institutional investors can help explain many of the best-known stock return anomalies, possibly because these investors are affected by behavioral biases like overconfidence. Specifically, we find that both momentum returns and subsequent returns reversal are much stronger for stocks with greater proportions of short-term institutional investors. The accruals and share issuance anomalies are also stronger for stocks held primarily by short-term institutional investors. Finally, short-term institutional investors do not seem to recognize the benefits of significant R&D increases, as they tend to under-react to these increases.

Traumatic injuries of teeth: A review

Dental trauma is a significant public health problem because of its frequency, impact on economic productivity and quality of life. It is not a disease and no individual is ever at zero risk of sustaining these potentially life-changing injuries. The aim of this article was to review the literature on the prevalence, incidence, a etiology, prognosis and outcomes of dental trauma. The importance of standardized reporting, oral health policy, adjunctive research methods, prevention and education will also be discussed. Approximately one-third of children and toddlers (primary teeth) and one-fifth of adolescents and adults (permanent teeth) sustained a traumatic dental injury. The majority involved the maxillary central incisors, mainly from falls in toddlers at home and contact sport in adolescents

Tooth wear: A review

Tooth wear is the result of four processes: abrasion (wear produced by interaction between teeth and other materials), attrition (wear through tooth-tooth contact), abfraction and erosion (dissolution of hard tissue by acidic substances). A further process (abfraction) might potentiate wear by abrasion and/or erosion. Knowledge of these tooth wear processes, and their interactions is reviewed. Both clinical and experimental observations show that individual wear mechanisms rarely act alone but interact with each other. The most important interaction is the potentiation of abrasion by erosive damage to the dental hard tissues. Saliva can modulate erosive/abrasive tooth wear, especially through formation of pellicle, but cannot prevent it

Ultrasonics in endodontics: A review

The piezoelectric ultrasonic device has the potential to become routinely incorporated into almost every component of endodontic treatment, re-treatment, and apical microsurgery. It is already indispensable as a precise tool with which the most challenging clinical situations, such as finding hidden root canals and removing root canal obstructions, can be done with relative ease, predictability, and conservancy. It can be seen by the few innovative studies which take advantage of the energizing ability of ultrasound that a thorough understanding of how ultrasonic tips and files behave with irrigants and tooth structure can produce methods and conditions to truly enhance the beneficial effect of such energy in the confined root canal space