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Ownership Studies: The Data Source Does Matter

Ronald C. Anderson and D. Scott Lee
The Journal of Financial and Quantitative Analysis
Vol. 32, No. 3 (Sep., 1997), pp. 311-329
DOI: 10.2307/2331202
Stable URL: http://www.jstor.org/stable/2331202
Page Count: 19
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Ownership Studies: The Data Source Does Matter
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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 (http://weber.u.washington.edu/~jfqa/hold/andeapdx.pdf).

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