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Title: Financial Policy and Ownership Stability
Authors: Kozora, Matthew Lee
Advisors: Prabhala, Nagpurnanand
Wermers, Russell
Department/Program: Business and Management: Finance
Type: Dissertation
Sponsors: Digital Repository at the University of Maryland
University of Maryland (College Park, Md.)
Subjects: Economics, Finance
Keywords: Financial Institutions
Financial Policy
Ownership Stability
Issue Date: 2011
Abstract: 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.
Appears in Collections:Finance Theses and Dissertations
UMD Theses and Dissertations

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