Applied Economics Letters · 2003 · 74 citations · 7 references
Social SciencesBusiness EconomicsEconomicsCorporate FinanceEconometricsOwnership StructureManagement OwnershipOwnership Structure Effects
For a large panel of US firms it is found that managerial ownership is (econometrically) endogenous as Himmelberg et al. (Journal of Financial Economics, 53, 353-384, 1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.
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Management ownership and market valuation
Andrei Shleifer, Robert W. Vishny · Journal of Financial Economics · 1988 · 7.1K citations · Full text