Reference health
How Short-Termism Invites Corruption…And What to Do About it
23/23 checkable references clean · checked 2026-08-24
Every reference with a DOI in the deposited reference list resolved to a known work in Crossref or DataCite at the dated check, and none carried a retraction, withdrawal, or removal notice.
62 without a DOI — not checked. A reference deposited without a DOI is never matched by title or guessed at; it stays outside the checked set, and this line discloses that.
The 23 checked references that resolve
resolves10.1016/j.jfineco.2005.05.007
An equilibrium model of incentive contracts in the presence of information manipulation
resolves10.1016/0304-405X(76)90026-X
Theory of the firm: Managerial behavior, agency costs and ownership structure
resolves10.1111/j.1745-6622.1992.tb00485.x
CAPITAL CHOICES: CHANGING THE WAY AMERICA INVESTS IN INDUSTRY
resolves10.3386/w12465
How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs
resolves10.1086/296060
Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination
resolves10.1111/j.1540-6261.1992.tb04665.x
Herd on the Street: Informational Inefficiencies in a Market with Short‐Term Speculation
resolves10.2308/acch.1999.13.4.365
A Review of the Earnings Management Literature and Its Implications for Standard Setting
resolves10.1037/1064-1297.5.3.256
Impulsive and self-control choices in opioid-dependent patients and non-drug-using control patients: Drug and monetary rewards.
resolves10.1007/pl00005490
Impulsivity and cigarette smoking: delay discounting in current, never, and ex-smokers
resolves10.1177/088636879702900406
The Network Discusses: Overtime Pay, Retention Incentives, and Bonuses and Other Perks
The 62 references without a DOI — listed, not checked
no DOI — not checkedCitigroup to Pay Millions to Close Fraud Complaint
no DOI — not checkedThis quote from Citigroup's offering circular appears in
no DOI — not checkedAs a matter of fact, the bank reportedly as much as $30 billion on its long positions during the subprime fiasco-much more than any other bank in the world
no DOI — not checkedPromises Made, and Remade, by Firms in SEC Fraud Cases
no DOI — not checkedref5
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no DOI — not checkedU.S. Plans Charges on Bond Fraud
no DOI — not checkedAn excellent review appears in R. Sappideen
no DOI — not checkedTreasury Department's Financial Stability Oversight Council minces few words in describing the strong temptations to game the regulations developed to enforce the Volcker rule, as well as various techniques banks could use to mask prohibited trading. See Financial Stability Oversight Council
no DOI — not checkedDeutsche Avoids Dodd-Frank Rule
no DOI — not checkedManaging Our Way to Economic Decline
no DOI — not checkedManagement Control Systems: Performance Measurement, Evaluation and Incentives
no DOI — not checkedFor another very useful statement of the impact of short-termism, see K. Laverty "Economic Short-Termism: The Debate, the Unresolved Issues, and the Implications for Management Practice and Research
no DOI — not checkedHBS Working Paper No. 11-033, which provides another excellent summary of academic work and then models the apparently contradictory strategies of managing for short
no DOI — not checkedDo executives actually work more effectively when their monetary rewards are tied to the results they are trying to achieve? Do executives really control those results? Is there actually a functioning market for senior executive talent that requires performance-based pay? Are senior executives simply agents for owners-which would justify stock-based compensation (whose value may not relate to executive action at all)? For a strong case against the current paradigm, see
no DOI — not checkedref23
no DOI — not checkedFor confirming data from the first nine months of 2011, see "Tug-of-War on Pay for Slimmer Wall Street
no DOI — not checkedref25
no DOI — not checkedPaying for Long-Term Performance
no DOI — not checkedref27
no DOI — not checkedTheory, Strategy, and Entrepreneurship
no DOI — not checkedBureaucratic Measurement, Shuttling Stock Shares, and Shortened Time Horizons: Implications for Economic Growth
no DOI — not checkedref33
no DOI — not checkedCapitalism for the Long-Term
no DOI — not checkedref36
no DOI — not checkedShareholders: Part of the Solution or Part of the Problem?
no DOI — not checkedExecutive Compensation and Short-Termist Behavior in Speculative Markets
no DOI — not checkedYale School of Management and Millstein Center for Corporate Governance and Performance
no DOI — not checkedref40
no DOI — not checkedCapitalism for the Long-Term
no DOI — not checkedref42
no DOI — not checkedOne claim is that the new owners force managers to focus more on short-term cash flow to pay down the debt used to finance the takeovers (this is correct) than on investing in R&D and other drivers of long-term competitiveness (this remains contested). Critics of these takeovers argue that the only way to reduce their debt-equity ratio is to raise retained earnings by investing in the long-term. However, the holding period of buyouts averages
no DOI — not checkedFinancial analysts fixate on quarterly earnings at the expense of fundamental research. Corporate executives, in turn, point to the behavior of the investment community to rationalize their own obsession with earnings. Short-termism is the disease; earnings and tracking error are the carriers
no DOI — not checkedEarnings Surprises, Growth Expectations, and Stock Returns: Don't Let an Earnings Torpedo Sink Your Portfolio
no DOI — not checkedWeighing the Pros and Cons of Earnings Guidance: A McKinsey Survey
no DOI — not checkedThe Economic Implications of Corporate Financial Reporting
no DOI — not checkedSchultz is a Pulitzer Price-winning Wall Street Journal reporter who has covered the so-called retirement and pension crisis for more than a decade
no DOI — not checkedThaler and Shefrin argue that humans are innately biased toward the present moment and certain outcomes
no DOI — not checkedDelay Discounting of Money and Alcohol in Actively Using Alcoholics
no DOI — not checkedSection 619), which allows banks to invest only up to 3 percent of their "tangible common equity" (or capital) in hedge funds or private equity funds. During congressional debate, Massachusetts Senator Scott Brown, whose electoral campaign banking interests heavily supported, won a loosening of the bill's provisions as a condition of
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no DOI — not checkedThe View from the Board Room
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no DOI — not checkedJust Say No to Wall Street: Putting a Stop to the Earnings Game
no DOI — not checkedref71
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no DOI — not checkedref74
no DOI — not checkedGoldman Sachs and Morgan Stanley outlined their clawback policies in connection with agreements to end proxy fights waged by the office that runs New York City's pension funds
no DOI — not checkedAmerican Council for Capital Formation
no DOI — not checkedSinai's conclusions also differ from those of L. Burman, a professor at Syracuse University and former deputy assistant treasury secretary
no DOI — not checkedref80
no DOI — not checkedEconomic Recovery Advisory Board on tax reform did not address a reduction in super-long-term capital gains rates. Still, the report contained clues on what the president might have been considering. For example, he and his advisors were then talking about putting capital to work, which is different from simply putting people to work This change in thinking could have opened the door to nontraditional tax treatment of truly long-term capital gains. Sadly, the president's proposed budget for
no DOI — not checkedref82
no DOI — not checkedFurther, if the Internal Revenue Service were to treat holders of carried interest as receiving compensation income, then "we would have to distinguish service income from capital income
no DOI — not checkedref85
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