Ownership Studies: The Data Source Does Matter

Journal of Financial and Quantitative Analysis, 32, September 1997, 311-329.

Posted: 15 Sep 1997 Last revised: 18 Sep 2012

See all articles by Ronald C. Anderson

Ronald C. Anderson

Temple University - Department of Finance

D. Scott Lee

University of Nevada, Las Vegas - Lee Business School

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 strategies for data aggregation may be downloaded from the Journal of Financial and Quantitative Analysis' web site.

JEL Classification: G32

Suggested Citation

Anderson, Ronald Craig and Lee, D. Scott, Ownership Studies: The Data Source Does Matter. Journal of Financial and Quantitative Analysis, 32, September 1997, 311-329., Available at SSRN: https://ssrn.com/abstract=11142

Ronald Craig Anderson

Temple University - Department of Finance ( email )

Fox School of Business and Management
Philadelphia, PA 19122
United States

D. Scott Lee (Contact Author)

University of Nevada, Las Vegas - Lee Business School ( email )

4505 S. Maryland Parkway
Box 456008
Las Vegas, NV 89154-6008
United States
702-895-2526 (Phone)
702-895-4630 (Fax)

HOME PAGE: http://faculty.unlv.edu/slee

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