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.
|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|
|Keywords:||Financial institutions, Financial policy, Institutional shareholders, Ownership stability, Payouts, Spinoffs|
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