Journal of Financial and Quantitative Analysis Vol. 32 No. 3 1997

Ownership Studies: The Data Source Does Matter

Rolph E. Anderson¹; Dongwoo Lee²

¹ Washington and Lee University · ² Texas A&M University

Abstract

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 strate? gies for data aggregation may be downloaded from the Journal of Financial and Quantitative Analysis' web site (http.V/weber.u.washington.edu/~jfqa/hola7andeapdx.pdf).

DOI

10.2307/2331202

Volume

32

Issue

3

Pages

311

Sources

openalex crossref

Cite

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