TY  - UNPD
A1  - Mücke, Christian
T1  - Bank dividend restrictions and banks' institutional investors
N2  - This paper studies the impact of banks’ dividend restrictions on the behavior of their institutional investors. Using an identification strategy that relies on the within investor variation and a difference in difference setup, I find that funds permanently decrease their ownership shares at treated banks during the 2020 dividend restrictions in the Eurozone and even exit treated banks’ stocks. Using data before the intro- duction of the ban reveals a positive relationship between fund ownership and banks’ dividend yield, highlighting again the importance of dividends for European banks’ fund investors. This reaction also has pricing implications since there is a negative relationship between the dividend restriction announcement day cumulative abnormal returns and the percentage of fund owners per bank.
T3  - SAFE working paper - 392 
KW  - Dividend Policy
KW  - Mutual Funds
KW  - Institutional Investors’ Ownership
KW  - Banking Supervision
KW  - COVID-19 Pandemic
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/70380
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-703805
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4498119
N1  - I gratefully acknowledge research support from the Leibniz Institute for Financial Research SAFE.
PB  - SAFE
CY  - Frankfurt am Main
ER  -