| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10144 |
| DP10144 Strategic News Releases in Equity Vesting Months | |
| Alex Edmans | |
| 发表日期 | 2014-09-21 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting months, and away from prior and subsequent months. They release 5% more discretionary news in vesting months than prior months, but there is no difference for non-discretionary news. These news releases lead to favourable media coverage, suggesting they are positive in tone. They also generate a temporary run-up in stock prices and market liquidity, potentially resulting from increased investor attention or reduced information asymmetry. The CEO takes advantage of these effects by cashing out shortly after the news releases. |
| 主题 | Financial Economics |
| 关键词 | Ceo incentives Equity vesting News. Voluntary disclosure |
| URL | https://cepr.org/publications/dp10144 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538977 |
| 推荐引用方式 GB/T 7714 | Alex Edmans. DP10144 Strategic News Releases in Equity Vesting Months. 2014. |
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