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

295 NTU Management Review Vol. 29 No. 1 Apr. 2019 presents the results of return on assets for the whole sample, 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. 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 0.92 0.99 0.77 0.89 1.14 0.29 0.94 1.14 0.47 (112.13)*** (108.21)*** (52.56)*** (23.51)*** (45.98)*** (2.92)*** (29.13)*** (48.53)*** (5.65)*** 0.93 1.00 0.77 0.65 1.04 -0.18 0.59 1.03 -0.36 (106.75)*** (102.85)*** (50.88)*** (13.80)*** (40.64)*** (-1.49) (11.59)*** (38.64)*** (-2.84)*** -0.01 -0.01 0.00 0.24 0.10 0.47 0.35 0.11 0.84 (-0.67) (-0.97) (-0.08)* (3.91)*** (2.85)*** (3.01)*** (5.84)*** (3.07)*** (5.47)*** 0.98 1.05 0.82 1.09 1.31 0.25 1.12 1.30 0.64 (55.68)*** (56.87)*** (25.85)*** (15.67)*** (36.75)*** (0.95) (26.67)*** (37.12)*** (6.41)*** 0.98 1.09 0.78 0.61 1.25 -0.32 0.49 1.27 -0.86 (57.71)*** (61.08)*** (28.39)*** (5.34)*** (36.86)*** (-1.36) (3.51)*** (36.46)*** (-2.77)*** -0.01 -0.04 0.04 0.48 0.06 0.57 0.63 0.03 1.51 (-0.22) (-1.50) (0.94) (3.63)*** (1.28) (1.61) (4.28)*** (0.53) (4.61)*** 0.90 0.97 0.76 0.81 1.06 0.30 0.86 1.07 0.41 (98.36)*** (85.99)*** (42.20)*** (18.16)*** (33.74)*** (2.84)*** (20.36)*** (36.01)*** (3.76)*** 0.91 0.97 0.75 0.66 0.98 -0.11 0.62 0.97 -0.19 (90.48)*** (94.36)*** (46.00)*** (13.25)*** (32.01)*** (-0.82) (12.04)*** (30.45)*** (-1.43) 0.00 0.00 0.01 0.14 0.08 0.42 0.24 0.10 0.60 (-0.14) (0.16) (-0.42) (2.11)** (1.79)* (2.38)** (3.66)*** (2.29)** (3.49)***