Liquidity, institutional ownership and regulation fair disclosure

There is a body of academic literature addressing two issues of importance for leveling the playing field for all classes of investors: 1) the impact of institutional investors on liquidity; and 2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our study addresses both issues with the purpose of attaining a better understanding and explanation of this relationship. We classify institutional ownership according to Bushee's (1998, 2001) methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicate that while transient institutions and quasi-indexers have a positive impact on liquidity, dedicated institutional ownership is negatively associated with liquidity. This result is consistent with prior theoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure in improving liquidity is limited to firms with higher transient institutional ownership, whereas quasi-indexed institutions have not been significantly affected by the regulations. In fact, the liquidity of firms is lower for firms with higher dedicated institutional holdings, which is evidence of the "chilling effect".

Market reactions to changes in the Nasdaq-100 Index membership

We examine stock market reactions around the Nasdaq-100 Index reconstitutions. We find a symmetric and transitory price response accompanied by a significant increase in trading volume on the effective date. Firms added to the Nasdaq-100 Index experience significant increases in institutional ownership, the number of market makers, and the number of shareholders. In contrast, firms removed from the index show significant decreases in the number of institutional shareholders. Additions to the Nasdaq-100 Index also show significant increases in four liquidity measures, whereas deletions demonstrate significant decreases in two liquidity measures. These changes in liquidity are related to the abnormal return on the announcement day. Taken together, the results suggest support for the price pressure, liquidity, and investor awareness hypotheses.

Charting the territory : how female artist/teachers balance their artistic practice with their institutional responsibilities as teachers /

This r\.~et.lrch examined ho\\' ~ight \\'omen artists \\'ho t~ach at the uni versity and college level, balance thcir artistic practic~ and their institu tional responsibilities as tcachers. This thesis reprt.~ents the culmination of \\'ork for my second graduate degree. For my first degrCt! on th~ grad uat~ level, I concentratoo on d~veloping my artistic practice. This ~Iaster's Degree in Education is no k~ important to m~. In pursuing studies in the field of education I \\'anted to understand my rol~ as both an educator and an artist and in the process I uncovered the interplay of race, class, and gender at \\'ork in th~ classroom. Coming from a \\'orking-class, immigrant background \\'here higher education \vas vie\\'cd as a stepping stone that \"ould enable my siblings and me a greater spectrum of opportunities, I \\'as at last able to understand my o\\'n educational experiences, more clearly. I discovered ho\\' d\.~ply I internalized the racism, sexism and class discrimination, I submitted to in my history as a student. Becoming a\\'are about the social forc\.~ at "'ork \\'ithin my day to day life has provided me \\'ith instruments \\'hich I can usc to examine and respond to these inequities as I confront them in th~ future. This \,'ork exists as a serk'S of responses and further av~nues for investigation on some themes I first began to explor~, albeit very tentati\'~ly, during my first incarnation as a graduate student and so though the h\'o bound volum~s rna-\' one da.v sit si.d~ b\' s id~ on the bookshelf, th~\-' exist in the context of my life as a set of brackets surrounding a series of qUl'Stions about being a \\'Onlan, a teachcr and an artist.

Electrical Development Company of Ontario certificate of stock ownership, ca. 1910.

The Electrical Development Company of Ontario was created in 1903. It was one of three private power companies that had water power leases with the Niagara Parks Commission, but was the only one that was financed with Canadian capital. The company built the Toronto Power Generating Station at Niagara Falls beginning in 1906, and the power house was completed in 1913. During the construction, there was much debate about whether the utility should remain privately operated or become a public utility. In 1920, the company became part of the public utility.

Conceptualizing Institutional Capacity Building Through a Learning Process Set in Motion by a Foundation

Employing critical pedagogy and transformative theory as a theoretical framework, I examined a learning process associated with building capacity in community-based organizations (CBOs) through an investigation of the Institutional Capacity Building Program (ICBP) initiated by a Foundation. The study sought to: (a) examine the importance of institutional capacity building for individual and community development; (b) investigate elements of a process associated with a program and characteristics of a learning process for building capacity in CBOs; and (c) analyze the Foundation’s approach to synthesizing, systematizing, and sharing learning. The study used a narrative research design that included 3 one-on-one, hour-long interviews with 2 women having unique vantage points in ICBP: one is a program facilitator working at the Foundation and the other runs a CBO supported by the Foundation. The interviews’ semistructured questions allowed interviewees to share stories regarding their experience with the learning process of ICB and enabled themes to emerge from their day-to-day experience. Through the analysis of this learning process for institutional capacity building, a few lessons can be drawn from the experience of the Foundation.