Why Managers Hold Shares of Their Firms: An Empirical Analysis

Table 2: Results for All Firms

This table describes estimation results for value-weighted portfolio returns
consisting of all S&P 500 and S&P 1500 sample firms, respectively, using
the four factor Model (1) as described in the main text. Alphas are on
a monthly basis. Standard errors are in parentheses. The number of
months used to estimate the model is given in the last column. ***, **,
and * indicate significance at the one, five, and ten percent level, respectively.

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