In this study, we examine the differences in Investment, Employment, and Share repurchase sensitivities to uncertainty between firms with varying investor horizons. We test for these effects using two macro-based uncertainty measures (Baker et al., 2016; Ahir et al., 2018). The results show that in uncertainty times, greater short-term investor ownership is associated with less investment and hiring, and more net share buybacks. These findings are consistent with the preference of short-horizon investors of seeking to divest in the near future, thus, wanting to maximize current stock prices.

中文翻译：

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不确定性下的投资者视野和公司政策

在本研究中，我们研究了具有不同投资者视野的公司之间在投资、就业和股票回购对不确定性的敏感性方面的差异。我们使用两个基于宏观的不确定性度量来测试这些影响（Baker 等人，2016；Ahir 等人，2018）。结果表明，在不确定时期，更多的短期投资者所有权与更少的投资和招聘以及更多的净股票回购相关。这些发现与短期投资者的偏好一致，即在不久的将来寻求剥离，从而希望最大化当前股价。