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The Role of Institutional Investors in Shareholder-creditor Conflicts

thesis
posted on 06.03.2020, 05:20 by YANJUN LIU
This thesis examines how institutional investors affect the agency relationship between shareholders and creditors. It finds that investors’ simultaneous holdings of debt and equity lead to lower levels of corporate cash holdings. The presence of dual holdings also reduces the likelihood of extreme negative returns in equity markets. In addition, the composition of institutional investors’ portfolios contains information valuable for debtholders when pricing public debt securities. Overall, this thesis highlights the importance of institutional ownership heterogeneity in various corporate financial aspects.

History

Campus location

Australia

Principal supervisor

Hue Hwa Au Yong

Additional supervisor 1

Barry Williams

Year of Award

2020

Department, School or Centre

Banking and Finance

Course

Doctor of Philosophy

Degree Type

DOCTORATE

Exports

Categories

Exports