Why Managers Hold Shares of Their Firms: An Empirical Analysis



Table 1: CEO Ownership

This table reports the number of firms in which the CEO owns more than a specific cutoff of the firms outstanding
stocks. The respective cutoffs for managerial ownership are given in the first column. The number of all firms in
our dataset in the respective year are reported in the ’total’ rows. Panel A provides information for all S&P 500
sample firms for each year from 1992 to 2003. Panel B provides information for all S&P 3500 sample firms for
each year from 1994 to 2003.

Panei A: S&P 500 index

w

Cl

Year
shown

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

total

478

488

488

485

490

490

487

494

489

495

498

499

>0%

96

129

137

109

107

116

121

140

157

159

159

168

>5%

33

39

37

38

37

41

42

47

45

43

37

35

>10%

19

22

23

24

25

28

30

32

30

30

24

19

>15%

11

13

14

15

15

16

18

16

13

14

11

9

>20%

9

8

7

10

9

8

9

8

6

5

5

4

>25%

3

3

2

2

1

2

3

2

3

3

4

3

>30%

1

2

2

1

1

1

2

2

2

3

4

1

>50%

0

0

0

0

0

0

0

0

0

0

1

0

Panel B: S&P

1500 Index

total

1,468

1,462

1,472

1,452

1,451

1,452

1,463

1,480

1,479

1,455

>0%

798

760

755

748

744

801

856

825

868

864

>5%

295

279

261

254

256

270

261

232

217

195

>10%

187

177

164

159

163

174

165

143

131

117

>15%

114

109

100

101

105

113

102

87

78

69

>20%

77

81

67

64

64

71

68

57

50

43

>25%

49

47

39

41

41

51

46

36

33

27

>30%

26

26

26

27

29

32

25

22

20

18

>50%

3

3

2

2

0

1

2

0

3

3



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