Why Managers Hold Shares of Their Firm: An Empirical Analysis
Year of publication: |
2006-10-01
|
---|---|
Authors: | Lilienfeld-Toal, Ulf von ; Ruenzi, Stefan |
Publisher: |
Universität <Köln> / Institut für Finanzmarktforschung |
Subject: | Aktiengesellschaft | Firma | Finanzinvestition | Topmanager | top management team |
- 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
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