Short-term traders could affect the informativeness of stock prices about long-run fundamentals. Less (more) short-termism may thus induce managers to rely more (less) on stock prices in real investment decisions. Supporting this notion, we show that the investment-to-price sensitivity is inversely related to two short-termism proxies (controlling for firm size): institutional churn and liquidity. We confirm this finding using decimalization and an increase in mutual fund disclosure frequency as exogenous shocks to short-termism. Furthermore, short-termism is associated with an increased likelihood of voluntary capital expenditure forecasts by managers, suggesting a greater tendency to solicit market feedback when short-termism is high.

短期交易者可能会影响股票价格关于长期基本面的信息量。因此，更少（更多）短期主义可能会导致管理者在实际投资决策中更多（更少）依赖股票价格。支持这一观点，我们表明投资对价格的敏感性与两个短期代理（控制公司规模）成反比：机构流失和流动性。我们使用十进制化和共同基金披露频率的增加作为对短期主义的外生冲击来证实这一发现。此外，短期主义与管理者自愿预测资本支出的可能性增加有关，这表明当短期主义高时，更倾向于征求市场反馈。