This study examines the impact of institutional investors' equity ownership stability and their investment horizon to determine the impact on their investee firms' equity mispricing. We treat institutional investors as a heterogenous group, i.e., dedicated, transient, or quasi-indexer as defined...

We examine the relationship between various measures of institutional ownership and investee firms' level of innovation as measured by the number of patents and patent citations. We find a direct association between the stability in the equity ownership of institutional investors and their...

We study the link between institutional ownership stability and dividend payout ratio. We find that stable and large institutional owners favour dividend paying companies. There also exists a positive association between ownership persistence and dividend payout. Conversely, firms that change...

We examine the relationship between institutional ownership stability and real earnings management. Our findings indicate that firms held by more stable institutional owners experience lower real activities manipulation by limiting overproduction. We further examine how the stability in the...

This research investigates the relationship between government economic policy uncertainty (EPU) and trade credit and its value implication for U.S. public firms. We find that firms curtail their receivables periods and face shorter payables periods from suppliers during high EPU. The impact of...

We examine the impact of economic and political uncertainty on the choice made by U.S. firms to expand through domestic or cross-border mergers and acquisitions. Using recently developed indexes of economic and political uncertainty, we document that U.S. firms use cross-border mergers and...

In 2011, Etihad Airways CEO James Hogan entered into an equity alliance with several airline companies globally to counter the growth of its Persian Gulf rivals of Emirates Airline and Qatar Airways. This strategy led to Etihad holding interests (mostly minority interests) in eight other airline...

We study the link between measures of stock options' volatility and firms' real earnings management (RM). We hypothesize that RM causes uncertainty in the value of a firm's common stock and, as a result, increases the volatility spread and skew of the firm's options. Spread and skew proxy for...