The conventional thinking is that as traders buy and sell corporate stocks more often, they induce corporate managers to plan for shorter and shorter horizons. If institutional investors refuse to hold stocks for more than a few months, the thinking goes, CEOs’ time horizons for corporate planning must shrink to roughly the same timeframe.
传统思维认为随着交易员越来越频繁地买卖股票，他们会诱导企业管理者制定越来越短的运营周期。按照这种思路，如果机构投资者拒绝持有股票超过几个月，首席执行官为公司制定的运营时间周期也会缩短到大概同样的范围。