Dividend initiations are an economically significant event that has important implications for a firm's future financial capacity. Given the market's expectation of a consistent payout, managers of IPO firms must approach the initial dividend decision cautiously. We compare the long run...

Dividend initiations are an economically significant event that has important implications for a firm's future financial capacity. Given the market's expectation of a consistent payout, managers of IPO firms must approach the initial dividend decision cautiously. We compare the long-run...

This paper provides the first evidence that the quality of fund stewardship matters to fund style drift. Based on 435 equity funds from 2008 to 2011, we find a negative association between overall stewardship and the holding-based measure of style consistency and style dispersion in the size...