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来源类型Working Paper
规范类型报告
DOI10.3386/w12811
来源IDWorking Paper 12811
Lucky Directors
Lucian A. Bebchuk; Yaniv Grinstein; Urs Peyer
发表日期2006-12-29
出版年2006
语种英语
摘要While prior empirical work and much public attention have focused on the opportunistic timing of executives' grants, we provide in this paper evidence that outside directors' option grants have also been favorably timed to an extent that cannot be fully explained by sheer luck. Examining events in which public firms granted options to outside directors during 1996-2005, we find that 9% were "lucky grant events" falling on days with a stock price equal to a monthly low. We estimate that about 800 lucky grant events owed their status to opportunistic timing, and that about 460 firms and 1400 outside directors were associated with grant events produced by such timing. There is evidence that the opportunistic timing of director grant events has been to a substantial extent the product of backdating and not merely spring-loading based on private information. We find that directors' luck has been correlated with executives' luck. Furthermore, grant events were more likely to be lucky when the firm had more entrenching provisions protecting insiders from the risk of removal, as well as when the board did not have a majority of independent directors.
主题Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance ; Labor Economics ; Labor Compensation ; Labor Market Structures ; Other ; Law and Economics ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w12811
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570474
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Lucian A. Bebchuk,Yaniv Grinstein,Urs Peyer. Lucky Directors. 2006.
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