The employees' decision to become shareholder of the company they work for can be a consequence of employers' matching contribution in company stock. From a behavioral perspective, employees would regard these contributions as an implicit investment advice made by their employer. This paper...

(VF)Cet article vise à étudier le lien entre la structure de rémunération des dirigeants des entreprises de haute technologie et leur capacité à encourager les activités d'innovation. Il souligne les limites des contrats de rémunération habituels (bonus comptable, actions et...

(VF)Cet article étudie les différences de performance consécutives à l’introduction de trois types de bonus proposés aux dirigeants d’entreprises de haute technologie : ceux liés aux seuls critères financiers, ceux incorporant en plus des critères non financiers hors R&D et ceux...

This paper looks at divestitures by 144 UK firms listed on the London Stock Exchange from 1985 to 1991 and investigates whether and how accurately investors price the firm’s option to abandon assets in exchange for their exit value. Theory prices this real option as an American style put and...

This paper investigates how capital budgeting techniques that include the option to abandon can be exploited as management tools to aid not only in the invest/abandon decision but also in ongoing project management, financial forecasting and the timing of strategic moves. Three parameters are...

(VF) Les comportements d'épargne des salariés actionnaires de leur entreprise offrent un terrain privilégié de confrontation des courants néo-classique et comportemental de la finance. Afin de tester les hypothèses issues de ces théories, nous utilisons les données relatives à 44 649...

Positive effects of employee participation on organizational performance are closely linked to the implementation of a specific corporate culture always referred to as ‘ownership culture’. This issue can be stimulated through employee share purchase plans (ESPP). This article will...

The collapse of sadly notorious American corporations whose retirement plans were primarily invested in company stocks has aroused a growing interest in understanding employees' investment decisions about company stock.American 401(k) plans and the French Company Savings Plans have in common to...

Choquet integrals and capacities play a crucial role in modern decision theory. Comonotony is a central concept for these theories because the main property of a Choquet integral is its additivity for comonotone functions. We consider a Choquet integral representation of preferences showing...