Short‐termism need not breed informational price inefficiency even when generating beauty
contests. We demonstrate this claim in a two‐period market with persistent liquidity trading …

We consider a two-period market with persistent liquidity trading and risk averse privately
informed investors who have a one period horizon. With persistence, prices reflect average …

This paper studies the portfolio choice of institutional investors with different holding
horizons. Short-horizon institutions invest more in stocks with lower buy-and-hold returns …

We investigate the impacts of intertemporal utility discounting on equilibrium multiplicity and
market information efficiency in a dynamic trading model. We find that the strategic …