Why Managers Hold Shares of Their Firms: An Empirical Analysis

SFB 649 Discussion Paper 2007-055

Why Managers Hold
Shares of Their Firms: An
Empirical Analysis

Ulf von Lilienfeld-Toal*
Stefan Ruenzi**

* Frankfurt University, Germany

** University of Texas, USA and University Cologne, Germany

This research was supported by the Deutsche
Forschungsgemeinschaft through the SFB 649 "Economic Risk".

http://sfb649.wiwi.hu-berlin.de
ISSN 1860-5664

SFB 649, Humboldt-Universitat zu Berlin
Spandauer Straβe 1, D-10178 Berlin

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