Measuring Managerial Equity Ownership: A Comparison of Sources of Ownership Data

Abstract

This paper demonstrates that differences in managerial stock ownership data cannot explain contradictory empirical evidence on the entrenchment of managers through equity. Three commonly used sources of managerial equity ownership data are described and contrasted. Value Line Investment Surveys are shown to be a relatively low-cost substitute for the beneficial ownership data for officers and directors found in corporate proxy statements.

JEL Classification: G32