• 1. Introduction
  • 2. Empirical Study
  • 2.1 Data
  • 2.2 Construction of Portfolios
  • 2.3 Factor Model
  • 3. Managerial Ownership and Stock Market Performance
  • 3.1 Portfolio Evidence: Long Only Portfolios
  • 3.2 Portfolio Evidence: Difference Portfolios
  • 3.3 Robustness Checks
  • 4. Multivariate Analysis
  • 5. Discussion of Results
  • 5.1 Compensation for Effort
  • 5.2 Alternative explanations
  • 6. Conclusion