Why Managers Hold Shares of Their Firms: An Empirical Analysis



Table 5: Multivariate Evidence

This table contains the results of Fama and MacBeth (1973) regressions of
Model (2) as described in the main text. The dependent variable is the indi-
vidual firm’s monthly raw return (Columns 1 and 2) and industry adjusted
return (Columns 3 and 4), respectively. Independent variables are
Shrown,
the share of stocks owned by the CEO of the firm;
D(10%), a dummy vari-
able that takes on the value one if
Shrown is larger than 10%, and zero
otherwise; and the Gompers, Ishii, and Metrick (2003) G-Index. The re-
maining control variables are the same as used by Brennan, Chordia, and
Subrahmanyam (1998) and Gompers, Ishii, and Metrick (2003) and are de-
scribed in detail in Appendix 2 of the latter paper. Numbers are in percent.
Standard errors are in parentheses.
***, **, and * indicate significance at the
one, five, and ten percent level, respectively.

41



More intriguing information

1. Before and After the Hartz Reforms: The Performance of Active Labour Market Policy in Germany
2. Synthesis and biological activity of α-galactosyl ceramide KRN7000 and galactosyl (α1→2) galactosyl ceramide
3. Growth and Technological Leadership in US Industries: A Spatial Econometric Analysis at the State Level, 1963-1997
4. Can genetic algorithms explain experimental anomalies? An application to common property resources
5. Developing vocational practice in the jewelry sector through the incubation of a new ‘project-object’
6. The name is absent
7. The Prohibition of the Proposed Springer-ProSiebenSat.1-Merger: How much Economics in German Merger Control?
8. HEDONIC PRICES IN THE MALTING BARLEY MARKET
9. New urban settlements in Belarus: some trends and changes
10. Endogenous Heterogeneity in Strategic Models: Symmetry-breaking via Strategic Substitutes and Nonconcavities
11. The name is absent
12. News Not Noise: Socially Aware Information Filtering
13. Philosophical Perspectives on Trustworthiness and Open-mindedness as Professional Virtues for the Practice of Nursing: Implications for he Moral Education of Nurses
14. The name is absent
15. Yield curve analysis
16. Novelty and Reinforcement Learning in the Value System of Developmental Robots
17. Modeling industrial location decisions in U.S. counties
18. Types of Tax Concessions for Promoting Investment in Free Economic and Trade Areas
19. Passing the burden: corporate tax incidence in open economies
20. Analyse des verbraucherorientierten Qualitätsurteils mittels assoziativer Verfahren am Beispiel von Schweinefleisch und Kartoffeln