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Ownership studies: The data source does matter

delete1997-09-01
delete54
PRE
AI
R
Ronald C. Anderson *
L
Lee, DS
DOI：10.2307/2331202delete
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Abstract

Abstract

En 中文
We examine the fit between the ownership data provided by four surrogate databases and the data collected from proxy statements. We discover an unambiguous pecking order among the surrogates relative to the benchmark ownership statistics of corporate proxy statements. Corporate Text is first, followed in descending order by Compact Disclosure, Value Line, and Spectrum. Further tests show that reporting discrepancies in the Value Line and Spectrum databases could affect economic inferences drawn from regressions using their ownership data. A field guide describing each data source's reporting conventions, formats, and strategies for data aggregation may be downloaded from the Journal of Financial and Quantitative Analysis' web site (http://weber.u.washington.edu/(similar to)jfqa/hold/andepdx.pdf).
Keywords:
EMPIRICAL-ANALYSIS
FIRM PERFORMANCE
EQUITY OWNERSHIP
DEBT
MANAGERS
HOLDINGS
MARKET
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Journal

Journal of Financial and Quantitative Analysis cover
Journal of Financial and Quantitative Analysis
IF:
2.8
Papers:
2.3K
Citations:
1.0W

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