Why Managers Hold Shares of Their Firms: An Empirical Analysis



Kyle, A. S., 1985, “Continuous Auctions and Insider Trading,” Economet-
rica, 53, 1315-1335.

Lakonishok, J., and I. Lee, 2001, “Are Insider Trades Informative?,” Review
of Financial Studies
, 14, 79-111.

Lambert, R. A., D. F. Larcker, and R. E. Verrecchia, 1991, “Portfolio Con-
siderations in Valuing Executive Compensation,”
Journal of Accounting
Research
, 29, 129-149.

Laughran, T., and J. R. Ritter, 2004, “Why Has IPO Underpricing Changed
Over Time?,”
Financial Management, 33, 5-37.

Lilienfeld-Toal, U. v., 2006, “Why Managers Hold Shares of Their Firms:
Theory,” Working Paper.

Lin, J.-C., and J. S. Howe, 1990, “Insider Trading in the OTC Market,”
Journal of Finance, 45, 1273-1284.

Malmendier, U., and G. Tate, 2005, “CEO Overconfidence and Corporate
Investment,”
Journal of Finance, 60, 2661-2700.

McConnell, J. J., and H. Servaes, 1990, “Additional Evidence on Equity
Ownership and Corporate Value,”
Journal of Financial Economics, 27,
595-612.

Morck, R., A. Shleifer, and R. Vishny, 1988, “Alternative Mechanisms for
Corporate Control,”
American Economic Review, 79, 842-852.

Pastor, L., and R. F. Stambaugh, 2003, “Liquidity Risk and Expected Stock
Returns,”
Journal of Political Economy, 111, 642-685.

33



More intriguing information

1. The name is absent
2. European Integration: Some stylised facts
3. SOCIOECONOMIC TRENDS CHANGING RURAL AMERICA
4. The Macroeconomic Determinants of Volatility in Precious Metals Markets
5. The Modified- Classroom ObservationScheduletoMeasureIntenticnaCommunication( M-COSMIC): EvaluationofReliabilityandValidity
6. Are combination forecasts of S&P 500 volatility statistically superior?
7. Une Classe de Concepts
8. The name is absent
9. The name is absent
10. The name is absent
11. Nurses' retention and hospital characteristics in New South Wales, CHERE Discussion Paper No 52
12. Developing vocational practice in the jewelry sector through the incubation of a new ‘project-object’
13. Towards Teaching a Robot to Count Objects
14. The name is absent
15. Naïve Bayes vs. Decision Trees vs. Neural Networks in the Classification of Training Web Pages
16. Altruism and fairness in a public pension system
17. ISSUES IN NONMARKET VALUATION AND POLICY APPLICATION: A RETROSPECTIVE GLANCE
18. The name is absent
19. The name is absent
20. Dual Track Reforms: With and Without Losers