Horizons d'investissement des actionnaires. Causes, conséquences et implications pour la pratique managériale

José-Miguel Gaspar

Revue française de gestion, 2009, vol. n° 198-199, issue 8, 77-93

Abstract: This paper focuses on shareholder horizons, the length of time that an investor keeps a stake in a firm. Using results from the Finance literature, the article discusses the reasons for heterogeneity in investor horizons, shows their theoretical consequences for corporate performance, and summarizes the empirical evidence about them. Conclusions for managerial practice are drawn, namely on the difficulty to manage a firm?s shareholder structure.

Date: 2009
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