... holdings (CHNG): CHNG= tholdings)option Beginning holdings share Beginning(tholdings)Option (tholdings) (Share+∆+∆ All purchases, sales, share and option holdings are measured in terms ... to using dollar values rather than number of shares. 9 Results are robust to winsorizing at 1 percent instead. TWO ESSAYS IN CORPORATE FINANCE by Mehmet Engin Akbulut ... with no acquisitions. Despite this increase in net selling, managers seem to be increasing their holdings in both cases, although the increase in managerial holdings is much smaller for manager-years...