McConnell, John J.; Servaes, Henri; Lins, Karl V. - In: Journal of Corporate Finance 14 (2008) 2, pp. 92-106
The empirically-observed cross-sectional relation between the level of insider share ownership and the level of firm value has often been interpreted to mean that a change in share ownership can lead to a change in firm value. Such an interpretation has been criticized for ignoring potential...