| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w19975
|
| 来源ID | Working Paper 19975
|
| Risk, Ambiguity, and the Exercise of Employee Stock Options |
| Yehuda Izhakian; David Yermack
|
| 发表日期 | 2014-03-13
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | We investigate the importance of ambiguity, or Knightian uncertainty, in executives' decisions about when to exercise stock options. We develop an empirical estimate of ambiguity and include it in regression models alongside the more traditional measure of risk, equity volatility. We show that each variable has a statistically significant effect on the timing of option exercises, with volatility causing executives to hold their options longer in order to preserve remaining option value, and ambiguity increasing the tendency for executives to exercise early in response to risk aversion. Regression estimates for the volatility and ambiguity variables imply similar magnitudes of economic impact upon the exercise decision, with the volatility variable being about 2.5 times stronger. |
| 主题 | Financial Economics
; Portfolio Selection and Asset Pricing
; Financial Markets
; Corporate Finance
; Labor Economics
; Labor Compensation
|
| URL | https://www.nber.org/papers/w19975
|
| 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/577649
|
推荐引用方式
GB/T 7714 |
Yehuda Izhakian,David Yermack. Risk, Ambiguity, and the Exercise of Employee Stock Options. 2014.
|
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