Managerial Incentives and Corporate Investment and Financing Decisions
研究管理者持有股票和期权如何影响企业的投资与融资决策，发现管理者持股与公司风险变化和财务杠杆正相关，有助于缓解代理问题。
ABSTRACT This paper examines the relationship between common stock and option holdings of managers and the choice of investment and financing decisions by firms. The authors find support for the hypothesis of a positive relationship between the security holdings of managers and the changes in firm variance and in financial leverage. This conclusion is based on samples of acquiring and divesting firms. The findings are consistent with the hypothesis that executive security holdings have a role in reducing agency problems.