G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w8052
来源IDWorking Paper 8052
Stock Options for Undiversified Executives
Brian J. Hall; Kevin J. Murphy
发表日期2000-12-01
出版年2000
语种英语
摘要We employ a certainty-equivalence framework to analyze the cost and value of, and pay/performance incentives provided by, non-tradable options held by undiversified, risk-averse executives. We derive Executive Value' lines, the risk-adjusted analogues to Black-Scholes lines, and distinguish between executive value' and company cost.' We demonstrate that the divergence between the value and cost of options explains, or provides insight into, virtually every major issue regarding stock option practice including: executive views about Black-Scholes measures of options; tradeoffs between options, stock and cash; exercise price policies; connections between the pay-setting process and exercise price policies; institutional investor views regarding options and restricted stock; option repricings; early exercise policies and decisions; and the length of vesting periods. It also leads to reinterpretations of both cross-sectional facts and longitudinal trends in the level of executive compensation.
主题Labor Economics ; Labor Compensation ; Labor Market Structures
URLhttps://www.nber.org/papers/w8052
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/565642
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GB/T 7714
Brian J. Hall,Kevin J. Murphy. Stock Options for Undiversified Executives. 2000.
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