Browsing Finance by Author "Kozora, Matthew Lee"
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- ItemFinancial Policy and Ownership Stability(2011) Kozora, Matthew Lee; Prabhala, Nagpurnanand; Wermers, Russell; Business and Management: Finance; Digital Repository at the University of Maryland; University of Maryland (College Park, Md.)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.