Price clustering is the tendency of prices to be observed more frequently at some numbers than others. It results from human bias and from haziness or imprecise beliefs about underlying value. To many Chinese, the number quot;8quot; is salient because it is considered quot;luckyquot;, while...

Academics and practitioners agree that the enforcement of accounting standards has an important role in promoting high quality financial reporting and favourable capital market outcomes. Researchers have used a range of proxies to capture differences between countries in the extent of...

Employee stock options (ESOs) are a popular way of remunerating employees. We analyse factors at the firm and option level affecting the employee's decision to exercise ESOs before they mature. Exercises over the period 1998-2004 are analysed and the key factor influencing early exercise is...

Accounting standards require companies to assess the fair value of any stock options granted to executives and employees. We develop a model for accurately valuing executive and employee stock options, focusing on performance hurdles, early exercise and uncertain volatility. We apply the model...

Chile's recent success in reducing poverty has been remarkable, with poverty rates falling by approximately two-thirds over the last 20 years. However, further gains against poverty may be inhibited by the increasing difficulty associated with targeting fewer poor people and better, more...