Data Download Page

Data on Employee Stock Purchase Plans

Data on ESPP plan characteristics and annual participation provided by Ilona Babenko and Rik Sen

Rules for use of these data

A) You must have a legal subscription to the CRSP/Compustat Merged Database from the Center for Research in Security Prices (CRSP)

B) Please cite Babenko-Sen (2014) and/or Babenko-Sen (2015) in your working papers and published papers that use any of these data. Refer to the Research tab for links to the papers.

C) Please place the following text in a footnote of your paper (to help other researchers):  "The ESPP participation data are available on Rik Sen's website."

Downloading of these data signifies your acceptance of the above terms

The following zip file contains three files: is a SAS dataset while espp_web_final.csv has the same data in CSV format. Codebook.pdf has the description of variables in these files. In case of any difficulty in accessing these data, please email Rik Sen at

Data on ShareRetainer, a CEO optimism indicator

The annual data on ShareRetainer, an indicator of CEO optimism, is provided by Robert Tumarkin and Rik Sen. 

If you are using these data in your research, please cite: Sen, R., Tumarkin R., Stocking up: Executive optimism, option exercise, and share retention, Journal of Financial Economics, 2015, Vol. 118, 399-430. 

The data will be updated periodically. The current file is updated until 2017. 

You can download these data in STATA (.dta) format here.

(Note: When a year does not appear in this file for a company, it means that the measure cannot be defined for that year because the relevant signals to classify the CEO are not seen.)