Zheng, Yudan - In: International Journal of Applied Management Science 5 (2013) 1, pp. 39-65
development investment decisions. Incentives from unexercised vested options are shown to have an increasing effect on R …%D investment, whereas the effect of incentives from unexercised unvested options is non-monotonic. In particular, R%D investment … initially increases with incentives from unvested options and then decreases afterwards. Similarly, newly granted options have a …