Bryson, Alex; Freeman, Richard B. - Institute for the Study of Labor (IZA) - 2014
stock purchase plans (ESPP). The discounted rate creates a gift exchange, where the firm hopes that workers who accept the … gift reciprocate with greater loyalty and effort. But ESPPs diverge from standard gift exchange or efficiency wage models … outside work: this greater sense of social identity with colleagues, predicted under some gift exchange models, lowers their …