Counter Evidence on Managements' Investment Myopia

Abstract

Contentions that American managers are too myopic are, in a word, wrong. While some managers very probably behave as if only tomorrow matters, the preponderance of evidence shows this to be untrue. Data on real investment activity, start-up financing, and the competitive position of the U.S. in high value-added products all confirm that U.S. managements are collectively not short-sighted.