Third Annual Sovereign Wealth Fund Conference
Long-term Investing: An Optimal Strategy in Short-term Oriented Markets
December 12, 2013 • 6-8PM
Columbia University, Faculty House, Presidential Room
- Jeremy Grantham, Co-Founder and Chief Investment Strategist, Grantham Mayo Van Otterloo (GMO)
- Joseph Stiglitz, University Professor and Co-chair, Committee on Global Thought, Columbia University
In recent decades, investment horizons have dramatically shortened. Two critical issues emerging in this environment are whether long-term investing is optimal; and if so, are particular mechanisms required to facilitate such investments? This conference delved into such concerns by examining:
- How does long-term investing add value?
- What incentive and governance mechanisms support the implementation of long-term investing?
- Can environmental and social corporate governance (ESG) factors increase the success of long-term investing?
- Are long-term forecasting and valuation path dependent?
By examining these issues the conference bridged information gaps between academic research and fund managers about long-term investing in short-term oriented markets.
- The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance (Eccles, Ioannou & Serafeim, 2011)
- A Theoretical Analysis of Value and Momentum Strategies (Vayanos & Woolley, 2012)
- Natural Expectations, Macroeconomic Dynamics and Asset Pricing (Fuster, Herbert & Laibson, 2011)
- L-Shares: How to Reward Long-Term Investors (Bolton & Samama, 2012)
Part of the Sustainable Investment CGT Signature Research Project.