Owner-managers' equity portfolio choice

Corporate Ownership and Control

Volumn 4, Issue 1 A, 2006, Pages 37-48

  Holmen, Martin ^a   Råsbrant, Jonas ^b  

^a UPPSALA UNIVERSITY   (Sweden)

^b STOCKHOLM UNIVERSITY   (Sweden)

Author keywords

Owner managers; Portfolio choice; Under diversification

Indexed keywords

EID: 57049092072     PISSN: 17279232     EISSN: 18103057     Source Type: Journal    
DOI: 10.22495/cocv4i1p3     Document Type: Article

References (24)

1. Barber, B. M. and T. Odean, 2000, "Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Indivudal Investors", Journal of Finance, 55, 773-806.
2. Bitler, M., T. Moskowitz, and A. Vissing. Jorgensen, 2004, "Testing Agency Theory with Entrepreneur Effort and Wealth", Journal of Finance, forthcoming
3. Carpenter, J. N., 2000, "Does option compensation increase managerial risk appetite?", Journal of Finance, 55, 2311-2331.
4. Coval, J. D. and T. J. Moskowitz, 1999, "Home Bias at Home: Local Equity Preference in Domestic Portfolio", Journal of Finance, 54, 2045-2073.
5. Coval, J. D. and T. J. Moskowitz, 2001, "The Geography of Investment: Informed Trading and Asset Prices", Journal of Political Economy, 109, 811-841.
6. Fama, E., 1980, "Agency Problems and the Theory of the Firm", Journal of Political Economy, 88, 288-307.
7. Fama, E., and M. C. Jensen, 1983, "Agency Problems and Residual Claims", Journal of Law and Economics, 26, 327-349.
8. Goetzmann, W. N., and A. Kumar, 2001, "Equity Portfolio Diversification", NBER Working Paper, W8686.
9. Goetzamnn, W. N., M. Massa, and A. Simonov, 2003, "Portfolio Diversification, Proximity Investment and City Agglomeration", working paper, INSEAD
10. Grinblatt, M., and M. Keloharju, 2001, "How Distance, Language, and Cultural Influence Stockholdings and Trades", Journal of Finance, 56, 1053-107.
11. Hau, H., 2001, "Location Matters: An Examination of Trading Profits", Journal of Finance, 56, 1959-1983.
12. Himmelberg, C., G Hubbard, and D. Palia, 1999, "Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance", Journal of Financial Economics, 53, 353-384.
13. Heaney, Richard, and M. Holmen, 2004, "The Cost to the Owner-Manager of Under-Diversification", working paper, Uppsala University.
14. Heaton, J. and D Lucas, 2000, "Portfolio Choise and Asset Prices: The Importance of Entrepreneurial Risk", Journal of Finance, 55, 1163-1198.
15. Jensen, M., 1986, "Agency Costs of Free Cash Flow", American Economic Review, 323-329.
16. Jensen, M., and W. Meckling, 1976, "The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics, 3, 305-360.
17. Lambert, R., D. Larcker, and R. Verrecchia, 1991, "Portfolio Considerations in Valuing Executive Compensation", Journal of Accounting Research, 29, 129-149.
18. Leland, H., and D. Pyle, 1977, "Informational Asymmetries, Financial Structure, and Financial Intermediation", Journal of Finance, 32, 371-387.
19. Merton, R. C., 1971, "Optimum Consumption and Portfolio Rules in a Continuous-Time Model", Journal of Economic Theory, 3, 247-413.
20. Merton, R. C., 1987, "A Simple Model of Capital market Equilibrium with Incomplete Information", Journal of Finance, 42, 483-510.
21. Muelbrook, L., 2001, "The Efficiency of Equity-Linked Compensation: Understanding the Full Cost of Awarding Stock Options", Financial Management, Summer, 5-30.
22. Ofek, E. and D. Yermack, 2000, "Taking Stock: Equity-Based Compensation and the Evolution of Managerial Ownership", Journal of Finance, 55, 1367-1384.
23. Stulz, R., 1990, "Managerial Discretion and Optimal Financing Policies", Journal of Financial Economics, 20, 25-54.
24. Sundin, A. and S. I. Sundqvist, 2002, "Owners and Power in Sweden's Listed Companies", Bull Tryckeri AB, Halmstad.