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We examine the relationship between various measures of institutional ownership and investee firms' level of innovation as measured by the number of patents and patent citations. We find a direct association between the stability in the equity ownership of institutional investors and their investee firms' level of innovation. Our main finding would serve to reassure managers that they benefit from the support of long-term-oriented institutional investors who adopt a "buy and hold" investment philosophy as opposed to a "trading" philosophy. We also examine the association between the proportion of a firm's equity held by institutional investors and its innovation and find that it relies on the type of the investor. For instance, while there exists a positive association between mutual funds and firm innovation yet, the association is only positive for funds that actively manage their portfolios different from their benchmark index. Next, pressure-sensitive institutional investors' shareholdings are positively correlated with firm innovation; however, it is not necessarily the case for all the pressure-insensitive investors.

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Purpose The purpose of this paper is to empirically examine the link between institutional ownership stability and dividend payout ratio. Design/methodology/approach First, the authors estimate the propensity of a firm to pay dividend. Next, the authors perform panel fixed-effect regressions of dividend payouts on institutional ownership stability variables. The authors also compare institutional ownership between dividend paying and non-dividend paying investee firms. The authors analyze the dividend preferences of different types of institutional owners. Finally, the authors examine the cross-sectional variation in the volatility of dividend payouts. Findings The authors find that stable and large institutional owners favor dividend paying companies. There also exists a positive association between ownership persistence and dividend payout. Conversely, firms that change their dividend payout frequently are associated with larger deviations in institutional ownership. Additionally, the presence of pressure-sensitive institutional investors (i.e. investors that also hold business ties with the investee firm) is significantly linked to dividend payout policy. Conversely, pressure-insensitive investors use alternative forms of monitoring instead of requiring investee firms to pay dividends, which serve to reduce agency conflicts. Originality/value This paper considers the preferences of long-term stable institutional investors in their selection of dividend paying firms.

This paper examines responses of 14 major currency/USD pairs to two global factors (oil and world equity returns) from January 1999 to July 2017, a period that comprises the global financial crisis and oil price collapse in late 2014. With global equity markets advancing, risk tolerance increases and higher oil prices make "commodity currencies" stronger. GARCH (1, 1) models identify preliminary links and DCC-GARCH modeling strengthens these findings under time-varying correlations: safe-haven currencies depreciate with higher global equity markets and commodity currencies appreciate with oil price gains. In emerging markets, only the South African Rand displays meaningful currencyequity links.