Why Managers Hold Shares of Their Firms: An Empirical Analysis

Table 4: (continued)

CEO Ownership

Panel G: Treatment of Missing Returns > 5% > 10% Obs.

Setting Missing Returns to -100%

0.513*

( 0.276 )

0.901^***

( 0.342 )

120

Panel H: Constant Number of Firms

Rank 1-100

Rank 1-250

Obs.

Ranking Ownership

0.951^**

( 0.414 )

0.707^**

( 0.284 )

120

40

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