This paper reports evidence in support of the hypothesis that closely-held ownership, institutional holdings and the degree of financial leverage are jointly and endogenously determined. An inverse relation between the percentage of closely-held shares and institutional holdings is apparent, as...

This study examines abnormal stock price changes prior to executive stock option grants. We suggest that executives may have the incentive to manipulate information released to the market during the period just prior to their stock-option grant dates so as to reduce the exercise price of their...

This study examines abnormal stock price changes prior to executive stock option grants. We suggest that executives may have the incentive to manipulate information released to the market during the period just prior to their stock-option grant dates so as to reduce the exercise price of their...