Abstract
This study investigates the relationship between the concentration of insider ownership and the share-price response to dividend-policy changes implemented by bank holding companies (BHCs). Using a cross-industry sample, previous research (Born 1988) found that there are differences in the magnitude of the share-price response to dividend initiations which may be explained by the concentration of insider ownership of the sampled firms. We hypothesize that the concentration of insider ownership does not play a role in differences in share price for BHCs due to the presence of regulatory monitors. The results of this study support our hypothesis.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 109-117 |
| Number of pages | 9 |
| Journal | Journal of Economics and Finance |
| Volume | 17 |
| Issue number | 2 |
| DOIs | |
| State | Published - Jun 1993 |
All Science Journal Classification (ASJC) codes
- Finance
- Economics and Econometrics