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Research in the News

Professor Thomas Philippon and PhD student Germán Gutiérrez's joint research on corporate investments

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Excerpt from Reuters -- "They found that the investment gap is driven by firms in sectors with less competition which elect to prioritize financial engineering and share buybacks over investment. Interestingly, these firms tend to be owned by institutional shareholders which shadow the equity indices, and who perhaps prefer short-term management, in line with their own career risk, over long-term investment."

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