This study examines the impact of common ownership on industry output and prices from 1997 to 2016. Common ownership is measured using a modified Herfindahl-Hirschman Index delta and industry ownership by the largest institutional shareholder. The findings indicate that common ownership has an...

This study analyzes whether corporate financing policies of the US industrial firms have depended on borrowing costs during the last forty years. The results show that the impact is either zero or slightly negative. Even in the latter case, the results are economically insignificant. Overall,...

The theoretical model developed in this paper implies that equity value does not always increase with a firm's external growth opportunities, as suggested by the Gordon dividend growth model. There is a positive (negative) relation when the coefficient of constant relative risk aversion of a...

Institutional ownership of U.S. equities increased from 9.4% in 1980 to 42.9% in 2009. This paper analyzes the indirect role of institutional investors in monitoring firm managers and in the process of shareholder wealth maximization. Institutional monitoring reduces the agency problem of free...

This paper examines whether dividend policy impacts firm value and find that paying dividends does improve firm value. Panel data regressions suggest that the dividend premium for firms' equity is 27.9% and the dividend premium for firms' assets is 11.0%. The tests using propensity score...

The goal of this paper is to examine the dynamic effects of fiscal instruments in Lithuania on the economy and welfare. In the analysis, a calibrated dynamic stochastic general equilibrium model for Lithuania is employed. The calculation implies that 9-16 percent of tax cuts are self-financing...

In this paper, the economic impact of the 2006–2008 personal income tax (PIT) reform in Lithuania is analyzed applying model-based simulations. We find that the undertaken PIT reform is unsustainable as it leads to permanent government budget deficits and ever increasing public debt. This...

We analyze three decisions in the shelf registration process. Firstly, we examine the determinants of shelf registration statement type, namely universal, common stock, or debt shelf. Secondly, we examine the drivers of the firm's issue decision, that is, whether or not the firm issues...

This study examines the intra-industry transfer of information inferred from the announcements of shelf registrations and offerings. The results show that intra-industry effects exist. Specifically, the announcement of a shelf registration conveys new information that has shareholder wealth...