全球智库信息集成服务系统(G2TT): The Trouble with Stock Options

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9784
来源ID	Working Paper 9784
	The Trouble with Stock Options
	Brian J. Hall; Kevin J. Murphy
发表日期	2003-06-23
出版年	2003
语种	英语
摘要	The trouble with options is that too many options are granted to too many people. Most options are granted below the top-executive level, and options are often an inefficient way to attract, retain and motivate executives and (especially) lower-level employees. Why, then, are options so prevalent? We discuss several explanations including changes in corporate governance, reporting requirements, taxes, the bull market and managerial rent-seeking. We also offer an alternative hypothesis that we believe explains the over-use of options and several apparent puzzles: boards and managers falsely perceive stock options to be inexpensive because of accounting and cash-flow considerations.
主题	Labor Economics ; Labor Compensation
URL	https://www.nber.org/papers/w9784
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/567408
推荐引用方式 GB/T 7714	Brian J. Hall,Kevin J. Murphy. The Trouble with Stock Options. 2003.