[AICG Distinguished Speaker Series] Misconceptions and Realities of Stock Market 
2025.06.25
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Misconceptions and Realities of Stock Market Short-Termism
Hosted by:
Asian Institute of Corporate Governance (AICG), Korea University Business School
Date and Time:
Thursday, 3 July 2025 | 16:00 – 17:40 KST (09:00 – 10:30 CET)
Location: Zoom (Register Here)
About the Event
The belief that stock market short-termism prevents corporate managers from making long-term investments is widely held. However, there are scholars questioning whether the stock market is truly plagued by short-termism and, even if it is, whether that is indeed the reason why managers hesitate to pursue long-term investments such as R&D.
One such scholar is Professor Mark Roe of Harvard Law School. In his 2022 book, Missing the Target: Why Stock Market Short-Termism Is Not the Problem (Oxford, 2022), he challenges the belief that stock market short-termism undermines managers’ willingness to invest for the long term. To make his case, he draws extensively on empirical findings from the field of finance. Professor Roe also argues that blaming short-termism risks obscuring the true causes of declining investment, reduced R&D spending, and environmental degradation. He emphasizes the need to consider structural factors such as the accelerating pace of technological change, policy uncertainty, and growing job insecurity.
Although Missing the Target focuses on the U.S. stock market, it offers important implications for Korea as well. In recent years, demands for shareholder returns from activist funds and minority shareholders have intensified, and in response, the issue of stock market short-termism is increasingly being raised.
In this context, the Asian Institute of Corporate Governance at Korea University will host a seminar featuring Professor Mark Roe, under the theme “Misconceptions and Realities of Stock Market Short-Termism.” We warmly invite researchers and policymakers interested in this topic to attend.
Keynote:
Mark Roe, Professor, Harvard University Law School
Moderator:
Joon Ho Hwang, Professor, Korea University Business School (KUBS)
Panel Discussion:
Ji-Woong Chung, Professor, Korea University Business School (KUBS)
Hyung-kyoon Kim, Executive Director, Tcha Partners
Woochan Kim, Professor, Korea University Business School (KUBS)
Namuh Rhee, Chairman, Korea Corporate Governance Forum (KCGF)
Mark Roe
Mark J. Roe is the David Berg Professor of Law at Harvard Law School, where he specializes in corporate law and bankruptcy. He is a leading scholar in corporate governance and political economy, and the author of Missing the Target: Why Stock Market Short-Termism Is Not the Problem (Oxford, 2022), as well as other influential books including Strong Managers, Weak Owners and Political Determinants of Corporate Governance. His work has appeared in top law reviews and major media outlets such as the Financial Times and The Wall Street Journal. Roe is a member of the American Academy of Arts and Sciences.
