| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Selling Company Shares to Reluctant Employees: France Telecom's Experience | |
| Dirk Jenter; François Degeorge; Alberto Moel; Peter Tufano | |
| 发表日期 | 2002 |
| 出处 | Economy and Society |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In 1997, France Telecom, the state-owned French telephone company, went through a partial privatization. We adapt a standard neoclassical model to predict how employees might respond to the firm's offer to sell them various classes of shares. Using a database that tracks over 200,000 eligible participants, we analyze employees' decisions whether to participate; how much to invest; and what form of stock alternatives they selected. The results are broadly consistent with the neoclassical model. However, we report four anomalous findings: (1) The firm specificity of human capital has a negligible effect on employees' investment decisions; (2) the amount of funds invested in the stock plans seems driven by a different set of forces than the decision to participate, which we suspect reflects a "threshold effect" that we attempt to measure; (3) employees "left on the table" benefits equal to one to two month's salary by failing to participate; and (4) most participants underweighted the most valuable asset. |
| 特色分类 | G30,G11,L33 |
| 关键词 | Employee stock ownership,privatization,portfolio choice |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/selling-company-shares-to-reluctant-employees-france-telecom-s-experience/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116823 |
| 推荐引用方式 GB/T 7714 | Dirk Jenter,François Degeorge,Alberto Moel,et al. Selling Company Shares to Reluctant Employees: France Telecom's Experience. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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