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- W2208522049 abstract "There is a body of academic literature addressing two issues of importance for leveling theplaying field for all classes of investors: 1) the impact of institutional investors on liquidity; and2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our studyaddresses both issues with the purpose of attaining a better understanding and explanation of thisrelationship. We classify institutional ownership according to Bushee's (1998, 2001)methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicatethat while transient institutions and quasi-indexers have a positive impact on liquidity, dedicatedinstitutional ownership is negatively associated with liquidity. This result is consistent with priortheoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure inimproving liquidity is limited to firms with higher transient institutional ownership, whereasquasi-indexed institutions have not been significantly affected by the regulations. In fact, theliquidity of firms is lower for firms with higher dedicated institutional holdings, which isevidence of the chilling effect." @default.
- W2208522049 created "2016-06-24" @default.
- W2208522049 creator A5065093130 @default.
- W2208522049 date "2012-03-29" @default.
- W2208522049 modified "2023-09-27" @default.
- W2208522049 title "Liquidity, institutional ownership and regulation fair disclosure" @default.
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