Article ID Journal Published Year Pages File Type
5083842 International Review of Economics & Finance 2013 12 Pages PDF
Abstract
► Managerial ownership adjusts asymmetrically from either side of the optimal level. ► Ownership adjustments removing deviations from the optimal level raise firm value. ► Discretionary increases or decreases in ownership lower firm value. ► Our findings are robust to using different measures of ownership adjustments.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
Adjustments in managerial ownership and changes in firm value
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