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Dissertation/Thesis Abstract

Financial policy and ownership stability
by Kozora, Matthew Lee, Ph.D., University of Maryland, College Park, 2011, 176; 3461176
Abstract (Summary)

I investigate the relationship between corporate financial policy and the ownership stability of a firm's institutional shareholders. In each chapter of my dissertation I empirically investigate this relationship in a different setting: the first chapter with respect to earnings management, the second chapter with respect to corporate spin-offs, and the third chapter with respect to payout policy. Unique to my research I utilize the complete ownership history of each institutional stock position to create measures of ownership stability including fund investment horizon and ownership length. Overall, I find significant relationships between each one of the three financial policies and measures of ownership stability.

Indexing (document details)
Advisor: Prabhala, Nagpurnanand, Wermers, Russell
Commitee: Hoberg, Gerard, Nerlove, Marc, Senbet, Lemma
School: University of Maryland, College Park
Department: Business and Management: Finance
School Location: United States -- Maryland
Source: DAI-A 72/09, Dissertation Abstracts International
Subjects: Finance
Keywords: Financial institutions, Financial policy, Institutional shareholders, Ownership stability, Payouts, Spinoffs
Publication Number: 3461176
ISBN: 978-1-124-74275-5
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