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http://hdl.handle.net/2451/27856
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| Title: | Deductio ad absurdum: CEOs donating their own stock to their own family foundations |
| Authors: | Yermack, David |
| Issue Date: | 2-Feb-2009 |
| Series/Report no.: | FIN-08-014 |
| Abstract: | I study large charitable stock gifts by Chairmen and CEOs of public
companies. These gifts, which are not subject to insider trading law,
often occur just before sharp declines in their companies’ share
prices. This timing is more pronounced when executives donate their own
shares to their own family foundations. Evidence related to reporting
delays and seasonal patterns suggests that some CEOs backdate stock
gifts to increase personal income tax benefits. CEOs’ family
foundations hold donated stock for long periods rather than
diversifying, permitting CEOs to continue voting the shares. |
| URI: | http://hdl.handle.net/2451/27856 |
| Appears in Collections: | Finance Working Papers
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