We examine the influence of firm ownership composition on both the abnormal returns at the announcement of a stock split and liquidity changes following a stock split. We find three results. First, the largest post-split increase in institutional ownership occurs for firms that had low...

We examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts' expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or...

This paper investigates whether the tax disadvantage of dividends results in a relation between institutional portfolio allocations and dividend yield. I analyze the holdings of tax-exempt and taxable institutional investors. Controlling for size, performance, and risk, I find that taxable...

We investigate the relationship between ownership structure and the volume of trade and returns of firms on days where the absolute value of the market's return is large, defined to be two percent or more. We find three main results. First, there is an abnormally high turnover in firm's shares...