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Understanding the determinants of managerial ownership and the link between ownership and performance

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  • Himmelberg, Charles P.
  • Hubbard, R. Glenn
  • Palia, Darius

Abstract

Firms are governed by a network of relationships representing contractual arangements for financing, capital structure, and managerial ownership and compensation, among others. For any of these contracted arrangements, it is difficult to identify the correpondence between the contractual choice and firm performance (e.g., measured by accounting rates of return or Tobin's Q), because contractual choices and performance outcomes are endogenously determined by exogenous and only partly observed changes in the firm's contracting environment.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 53 (1999)
Issue (Month): 3 (September)
Pages: 353-384

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Handle: RePEc:eee:jfinec:v:53:y:1999:i:3:p:353-384

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Web page: http://www.elsevier.com/locate/inca/505576

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  24. Rebel A. Cole & Hamid Mehran, 1996. "The effect of changes in ownership structure on performance: evidence from the thrift industry," Finance and Economics Discussion Series 96-6, Board of Governors of the Federal Reserve System (U.S.).
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  26. Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheehan, 1999. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Journal of Finance, American Finance Association, vol. 54(2), pages 435-469, 04.
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