Share Retainer

Updated May 2018

An indicator of executive optimism

Share Retainer is an indicator variable that identifies optimistic CEOs. It is defined as 1 (optimistic) if the cumulative shares retained by a CEO on days with option exercise during a fiscal year exceeds 1% and 0 (not optimistic) otherwise. When Share Retainer is not available for a CEO during a fiscal year, it is set to the most recent computed value.

The dataset covers CEOs that are found in both the Thomson Reuters Insider Filings (Thomson) and Compustat Executive Compensation (ExecuComp) datasets through 2017. Expanded datasets will be updated periodically. Please sign up for email notifications if you would like to be alerted when updated data is available.


Citation

Please cite Sen, R., Tumarkin R., Stocking up: Executive optimism, option exercise, and share retention, Journal of Financial Economics, 2015, Vol. 118, 399-430. A footnote mentioning that the data was downloaded from this site (www.tumarkin.net) is greatly appreciated.


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