Fahlenbrach, Rüdiger (contributor); … - 2007
) and Lambrecht and Myers (2007) for such formulations).
Further, the company can be the subject of a tender offer, so that … equity securities by all
directors and officers of a company. Our ownership variable is therefore the same as the one used … definitions. For example, Morck, Shleifer and Vishny (1988) study the ownership by the
company’s directors, and Demsetz and Lehn …