臺大管理論叢 NTU Management Review VOL.29 NO.1

291 NTU Management Review Vol. 29 No. 1 Apr. 2019 effect was particularly strong for the period prior to the financial crisis. The results of the subsample analysis shown in panels B and C of Table 7 were similar to the results in panel A of Table 7. S&P 1,500 banks, and non-S&P 1,500 banks, respectively. S&P 1,500 banks are banks that are included in the S&P 1,500 index. All variables are as defined in Appendix and winsorized at the 5th and 95th percentiles. All dollar values are in inflation-adjusted 2010 dollars. Differences in mean were assessed using a t -test. The number of observations varies because of data availability. ***, **, and * represent 1%, 5%, and 10% significance levels, respectively. 3. CEO equity incentive (%) 4. CEO equity risk exposure ($) 5. CEO equity risk exposure (%) 1992-2012 1992-2006 2007- 2012 1992-2012 1992-2006 2007- 2012 1992-2012 1992-2006 2007- 2012 48.38 48.84 47.10 49.65 50.53 47.57 50.08 50.80 48.42 (126.03)*** (108.66)*** (64.35)*** (108.31)*** (89.70)*** (62.54)*** (111.24)*** (91.83)*** (64.05)*** 51.89 52.64 50.17 50.12 50.26 49.83 49.72 49.99 49.14 (132.45)*** (113.85)*** (69.33)*** (131.74)*** (111.83)*** (70.24)*** (129.19)*** (110.22)*** (68.24)*** -3.50 -3.80 -3.06 -0.48 0.27 -2.25 0.36 0.80 -0.72 (-6.39)*** (-5.90)*** (-2.97)*** (-0.80) (0.38) (-2.17)** (0.60) (1.13) (-0.69) 49.43 49.83 48.04 53.59 54.54 50.05 54.03 54.92 51.61 (45.18)*** (38.22)*** (25.55)*** (52.71)*** (47.32)*** (23.97)*** (56.71)*** (48.90)*** (29.09)*** 55.73 56.54 54.08 52.77 52.59 53.03 52.08 51.91 52.38 (75.35)*** (62.22)*** (42.90)*** (63.82)*** (46.37)*** (44.42)*** (60.85)*** (44.95)*** (42.95)*** -6.31 -6.71 -6.04 0.82 1.94 -2.98 1.95 3.01 -0.76 (-4.78)*** (-4.22)*** (-2.67)*** (0.62) (1.20) (-1.24) (1.52) (1.87)* (-0.35) 48.14 48.60 46.93 48.08 48.64 46.95 48.32 48.84 47.21 (120.41)*** (105.55)*** (58.93)*** (100.36)*** (81.26)*** (59.40)*** (102.28)*** (83.02)*** (60.60)*** 50.08 50.90 48.12 49.24 49.61 48.30 49.03 49.48 48.00 (114.41)*** (100.46)*** (57.31)*** (117.35)*** (104.21)*** (56.44)*** (115.16)*** (102.60)*** (55.92)*** -1.94 -2.30 -1.19 -1.16 -0.97 -1.36 -0.71 -0.64 -0.79 (-3.27)*** (-3.36)*** (-1.03) (-1.82)* (-1.27) (-1.16) (-1.11) (-0.84) (-0.68)