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dc.contributor.authorLin, Ji
dc.date.accessioned2012-03-29T19:18:12Z
dc.date.available2012-03-29T19:18:12Z
dc.date.issued2012-03-29
dc.identifier.urihttp://hdl.handle.net/10464/3937
dc.description.abstractThere is a body of academic literature addressing two issues of importance for leveling the playing field for all classes of investors: 1) the impact of institutional investors on liquidity; and 2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our study addresses both issues with the purpose of attaining a better understanding and explanation of this relationship. We classify institutional ownership according to Bushee's (1998, 2001) methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicate that while transient institutions and quasi-indexers have a positive impact on liquidity, dedicated institutional ownership is negatively associated with liquidity. This result is consistent with prior theoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure in improving liquidity is limited to firms with higher transient institutional ownership, whereas quasi-indexed institutions have not been significantly affected by the regulations. In fact, the liquidity of firms is lower for firms with higher dedicated institutional holdings, which is evidence of the "chilling effect".en_US
dc.subjectLiquidity (Economics)en_US
dc.subjectCorporations -- Financeen_US
dc.subjectInvestmentsen_US
dc.subjectFinancial statements -- Auditing -- Standardsen_US
dc.titleLiquidity, institutional ownership and regulation fair disclosureen_US
dc.degree.nameM.Sc. Managementen_US
dc.degree.levelMastersen_US
dc.contributor.departmentFaculty of Business Programsen_US
dc.degree.disciplineFaculty of Businessen_US
refterms.dateFOA2021-08-07T02:46:51Z


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