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Does Capital Structure Affect Institutional Investor Choices?

Опубликовано на портале: 14-06-2006
Journal of Investing. 2004.  Vol. 13. No. 4. P. 53-66. 
The article studies the affect of capital structure on institutional investor choices. Institutional investors play a critical role in supervising the management of the companies. Most of the S&P 500 firms tend to have large institutional holdings. The finding of the study suggests that the capital structure influences stock picking choices of institutional investors. There is a negative relation between dividend yield and institutional ownership. There is limited evidence that institutional investors prefer firms with low debt ratios, high ratios of capital expenditures to assets, and high ratios of cash flow to sales.

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