全球智库信息集成服务系统(G2TT): Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w6550
来源ID	Working Paper 6550
	Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression
	Clifford G. Holderness; Randall S. Kroszner; Dennis P. Sheehan
发表日期	1998-05-01
出版年	1998
语种	英语
摘要	We document that ownership by officers and directors of publicly-traded firms is on average higher today than earlier in the century. Managerial ownership rises from 13 percent for the universe of exchange-listed corporations in 1935, the earliest year for which such data exist, to 21 percent in 1995. We examine in detail the robustness of the increase and explore hypotheses to explain it. Higher managerial ownership has not substituted for alternative corporate governance mechanisms. Lower volatility and greater hedging opportunities associated with the development of financial markets appear to be important factors explaining the increase in managerial ownership.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w6550
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/564064
推荐引用方式 GB/T 7714	Clifford G. Holderness,Randall S. Kroszner,Dennis P. Sheehan. Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression. 1998.