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Alex Edmans

Alex Edmans

Professor of Finance, London Business School

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Investment, Growth, and Innovation

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Intangible assets are particularly critical for the 21st century firm. Building such assets requires substantial and sustained investment, which may not pay off until the very long-run. My work studies what drives companies to focus on the long-term rather than the short-term.

Theory:

  • Determinants of long-run investment:
    • Blockholders (large shareholders) (Edmans JF 2009)
    • Capital structure (Edmans JFE 2011)
    • CEO contracts (Edmans, Gabaix, Sadzik, Sannikov JF 2012)
    • Disclosure policy (Edmans, Heinle, Huang RF 2016)

Empirics:

  • Effect of short-term CEO contracts (Edmans, Fang, Lewellen RFS 2017)
  • Link between intangible investment and firm value
    • In the US (Edmans JFE 2011)
    • Globally (Edmans, Li, Zhang 2019)

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