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Investor behavior and the purchase of company stock in 401(k) plans - the importance of plan design

Liang, Nellie; Weisbenner, Scott - Federal Reserve Board (Board of Governors of the … - 2002

Using panel data for nearly 1,000 companies during 1991 to 2000, this paper finds that employees allocated nearly 20 percent of their total 401(k) contributions to purchases of company stock, and then relates this share to plan design features and firm financial characteristics. We find that the...

Persistent link: https://www.econbiz.de/10005394204

Corporate payout policy and managerial stock incentives

Fenn, George W.; Liang, Nellie - Federal Reserve Board (Board of Governors of the … - 1999

We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems--those with low...

Persistent link: https://www.econbiz.de/10005393658

Good news and bad news about share repurchases

Fenn, George W.; Liang, Nellie - Federal Reserve Board (Board of Governors of the … - 1997

We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend- paying and non-dividend paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency...

Persistent link: https://www.econbiz.de/10005393795

401(k) matching contributions in company stock: costs and benefits for firms and workers

Brown, Jeffrey R.; Liang, Nellie; Weisbenner, Scott - Federal Reserve Board (Board of Governors of the … - 2004

This paper examines why some employers provide matching contributions to 401(k) plans in company stock and explores the implications of match policy for employee retirement wealth. Unlike stock option grants to non-executives, a firm's decision to match in company stock does not appear to be...

Persistent link: https://www.econbiz.de/10005393809

How did the 2003 dividend tax cut affect stock prices and corporate payout policy?

Amromin, Gene; Harrison, Paul; Liang, Nellie; Sharpe, Steve - Federal Reserve Board (Board of Governors of the … - 2005

event-study methodology, we compare the performance of U.S. stocks to that of other securities that should not have …, nor REIT stocks, over the event windows, suggesting little if any aggregate stock market effect from the tax change. In … cross-sectional analysis, high-dividend stocks outperformed low-dividend stocks by a few percentage points over the event …

Persistent link: https://www.econbiz.de/10005393846

Who benefits from a bull market? an analysis of employee stock option grants and stock prices

Liang, Nellie; Weisbenner, Scott - Federal Reserve Board (Board of Governors of the … - 2001

Stock option grants to top executives and to employees below the top executive ranks have risen rapidly with stock prices in recent years. This paper examines the growth in stock option grants at S&P 1500 companies between 1996 and 1999, and estimates the pay-for-performance sensitivities of the...

Persistent link: https://www.econbiz.de/10005720979