The mean institutional ownership in the sample firms is 59.2%. This percentage is
much higher than reported in previous studies (e.g., 35.8% in Bushee 2001) using a
COMPUSTAT sample in years preceding the sample period of this study. This suggests that
ExecuComp firms, on the average, are large and surviving firms with higher institutional
ownership. Consistent with prior research (e.g., Bushee 2001; Bushee et al. 2004)