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| Author: | Fahlenbrach, R. Stulz, R. M. |
| Title: | Managerial ownership dynamics and firm value |
| Journal: | Journal of Financial Economics
2009 : JUN, VOL 92:3, p. 342-361 |
| Index terms: | company value directors share ownership USA |
| Language: | eng |
| Abstract: | The article studies the dynamics of managerial ownership in US companies during 1988-2003. The annual change in managerial ownership during these years is found negative. It is revealed that managers tend to sell their shares whenever the company is doing well, and increase their ownership when the company is not doing so good. It is also found that significant increases in managerial ownership seem to increase Tobin's q, a measure of firm value. However, no adverse impact is proved for the decrease of managerial ownership. |
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