Institutional Ownership Stability and Risk Management
| Autor: | Chen Yen-Ta, 陳彥達 |
|---|---|
| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 Using the sample of S&P 1500 nonfinancial firms over the period from 2009 to 2011, this study examines of the relationship between institutional ownership stability and corporate hedging behavior to evaluate the role of institutional investors - monitoring versus short-termism. The findings show that the stability of institutional ownership is significantly and positively associated with corporate hedging decision and hedge ratio. The evidence reveals that the more stable institutional investors are consistent with the monitoring theory of institutional investors but not the short-termism theory. In addition, the findings also show that the institutional ownership stability of corporate and public pension funds (banks, insurance companies, and pension funds) is significantly and positively associated with corporate hedging probability (hedge ratio), which is consistent with the findings that, due to the prudent-man responsibilities, banks, insurance companies, and pension funds more actively monitors than other types of institutions. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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