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Institutional Investor Heterogeneity and the Information Content of Dividends

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Institutional Investor Heterogeneity and the Information Content of Dividends

Zhang, Bixuan (2017) Institutional Investor Heterogeneity and the Information Content of Dividends. Masters thesis, Concordia University.

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Abstract

Based on Amihud and Li's (2006) and DeAngelo, DeAngelo, and Skinner's (2004) findings on the "disappearing dividends" phenomenon documented by Fama and French (2001), we examine the relation between institutional holdings and information content of dividends across different payer groups. We find that the increase of institutional holdings mainly contribute to firms' declining information content of dividend change announcements, and this effect is stronger and concentrated in bottom payers. Furthermore, the change of holdings owned by institutional investors with different incentive to monitor a firm's governance has distinct effects on the decline of information content across top and bottom payers. Our results indicate that for top payers, only the increase of ownership held by motivated monitors is negatively associated with the information content of dividends. On the contrary, the information content conveyed by dividends in bottom payers is sensitive to all kinds of institutional holdings, including that are generally regarded as unconcerned about firms' governance.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Zhang, Bixuan
Institution:Concordia University
Degree Name:M. Sc.
Program:Administration (Finance option)
Date:28 March 2017
Thesis Supervisor(s):Bhabra, Harjeet S.
ID Code:982332
Deposited By: BIXUAN ZHANG
Deposited On:09 Jun 2017 15:31
Last Modified:18 Jan 2018 17:54

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  • Institutional Investor Heterogeneity and the Information Content of Dividends. (deposited 09 Jun 2017 15:31) [Currently Displayed]
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