Cremers, Pareek, and Sautner (2020)

Cremers, Martijn, Ankur Pareek, Zacharias Sautner. “Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions.” Management Science, January 2020.

From the authors' abstract:  "We document that an increase in short-horizon investors is associated with cuts to long-term investment and increased short-term earnings. This leads to temporary boosts in equity valuations that reverse over time. To estimate these effects, we use difference-in-differences regressions around firms’ additions to the Russell 2000, comparing firms with large and small increases in short-term ownership… Our results suggest that short-term pressures by investors can lead to myopic firm behavior." 

Link:  https://pubsonline.informs.org/doi/10.1287/mnsc.2019.3361