Lilienfeld-Toal, Ulf von; Ruenzi, Stefan - 2006 - This draft: October 2006
We examine the relationship between CEO ownership and stock market performance of S&P 500 (S&P 1500) firms from 1994-2005 (1996-2005). We find that firms in which the CEO holds a considerable share of outstanding stocks outperform the market by up to 16% p.a. after controlling for traditional...