| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w8052
|
| 来源ID | Working 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
|
| URL | https://www.nber.org/papers/w8052
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565642
|
推荐引用方式
GB/T 7714 |
Brian J. Hall,Kevin J. Murphy. Stock Options for Undiversified Executives. 2000.
|
|
文件名：
|
w8052.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
