G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7683
来源IDWorking Paper 7683
Selling Company Shares to Reluctant Employees: France Telecom's Experience
Francois Degeorge; Dirk Jenter; Alberto Moel; Peter Tufano
发表日期2000-05-01
出版年2000
语种英语
摘要In 1997, France T‚l‚com, the state-owned French telephone company, went through a partial privatization. The government offered current and prior France T‚l‚com employees the opportunity to buy portfolios of shares with various combinations of discounts, required holding periods, leverage, tax treatment, and levels of downside protection. We adapt a neoclassical model of investment decision-making that takes into account firm-specific human capital and holding period restrictions to predict how employees might respond to the share offers. Using a database that tracks over 200,000 eligible participants, we analyze the employees' characteristics and their decisions whether to participate; how much to invest; and what form of stock alternatives they selected.
主题Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w7683
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/565244
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Francois Degeorge,Dirk Jenter,Alberto Moel,et al. Selling Company Shares to Reluctant Employees: France Telecom's Experience. 2000.
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