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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 |
| Source Type: | DISSERTATION |
| Subjects: | Finance |
| Keywords: | Financial institutions, Financial policy, Institutional shareholders, Ownership stability, Payouts, Spinoffs |
| Publication Number: | 3461176 |
| ISBN: | 978-1-124-74275-5 |
