Rm. 1111 on the 11th floor, Building #11, Waseda University<\/span><\/a><\/p>\n\u4e3b\u3000\u65e8 \/ Outline<\/h5>\n
“Short Termism as a Governance Problem: Temporal Calibration and the Double Contingency”<\/p>\n
Short-termism\u00a0 involves\u00a0 situations\u00a0 where\u00a0 corporate\u00a0 stakeholders\u00a0 \u2013 investors, managers, board members, and auditors \u2013 show a preference\u00a0 for\u00a0 strategies\u00a0 that\u00a0 add\u00a0 less\u00a0 value\u00a0 but\u00a0 have\u00a0 an\u00a0 earlier\u00a0 payoff\u00a0 relative\u00a0 to\u00a0 strategies\u00a0 that\u00a0 would\u00a0 add\u00a0 more\u00a0 value\u00a0 in\u00a0 the\u00a0 long\u00a0 run.\u00a0 Short-termism\u00a0 has\u00a0 been\u00a0 debated\u00a0 frequently,\u00a0 but has received surprisingly little academic attention. Although researchers tend to agree on the definition of the concept, they do not agree on how to demonstrate the sub-optimal nature of these decisions. Establishing whether short-term decisions are actually detrimental to long-term value creation relies largely on counterfactual reasoning.\u00a0 This\u00a0 paper contends\u00a0 that\u00a0 short-termism\u00a0 is\u00a0 caused\u00a0 by\u00a0 a\u00a0 self-reinforcing shortening of time-horizons produced by temporal calibration.\u00a0 Calibration involves a social interaction between\u00a0 various shareholders\u00a0 (pension\u00a0 funds,\u00a0 private equity,\u00a0 hedge\u00a0 funds) and managers.\u00a0 Short -term behavior is amplified by gatekeepers mediating these relationships \u2013 securities analysts, credit rating agencies, auditors, who frame time horizons through information, accounting and reporting formats.\u00a0 Short-termism therefore should be regarded as a social process, in which a certain behavior\u00a0 is\u00a0 reinforced\u00a0 by\u00a0 the\u00a0 reaction\u00a0 of\u00a0 others.\u00a0 Time horizons thus reflects the\u00a0 complex interaction between the incentives and orientations of different stakeholders. This relational character of short-termism helps explain\u00a0 why\u00a0 it\u00a0 is\u00a0 hard\u00a0 both\u00a0 to\u00a0 measure\u00a0 and\u00a0 difficult\u00a0 to\u00a0 address through simple policy instruments aimed at one group of stakeholders.\u00a0 No\u00a0 single\u00a0 policy\u00a0 in\u00a0 isolation\u00a0 is\u00a0 likely\u00a0 to\u00a0 curb\u00a0 short-termism among\u00a0 managers,\u00a0 shareholders\u00a0 and\u00a0 gatekeepers.<\/p>\n
\u30d7\u30ed\u30b0\u30e9\u30e0 \/ Schedule<\/h5>\n
13\uff1a00 Opening Remarks \uff08Hideaki Miyajima (Waseda University)\uff09
\n13\uff1a05 Presentation
\n14\uff1a05 Question-and-answer session
\n14\uff1a25 Concluding Remarks\uff08Hideaki Miyajima (Waseda University)\uff09<\/p>\n
\u5bfe\u3000\u8c61 \/ Prospected Audience<\/h5>\n
Faculty and staff members of a university, grad students, the general publics<\/p>\n
\u4e3b\u3000\u50ac \/ Organizer<\/h5>\n
Research Institute of Business Administration,Waseda University
\nWaseda Institute for Advanced Study,Waseda University<\/p>\n
\u7533\u8fbc\u307f \/ Registration<\/h5>\n
Free of charge. Please come to the event venue directly.<\/p>\n","protected":false},"excerpt":{"rendered":"
Waseda Organizational and Financial Economics Seminar: “Short Termism as a Governance Problem: Temporal […]<\/p>\n","protected":false},"author":6,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[82,94,73],"class_list":["post-4713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-events-en","tag-general-en","tag-research-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/4713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=4713"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/4713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=4713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=4713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=4713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}