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Year of publication
Subject
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Aktienoption 2,653 Stock option 2,585 Führungskräfte 1,008 Managers 1,008 Leistungsentgelt 554 Performance pay 554 Executive compensation 501 Managervergütung 497 USA 486 Theorie 483 Theory 483 United States 480 Optionspreistheorie 413 Option pricing theory 408 Börsenkurs 338 Share price 337 Leistungsanreiz 323 Performance incentive 323 Deutschland 308 Compensation system 303 Vergütungssystem 303 Germany 264 Corporate Governance 257 Agency theory 255 Prinzipal-Agent-Theorie 255 Corporate governance 254 Optionsgeschäft 217 Option trading 215 Volatilität 177 Volatility 175 Employee ownership 165 Mitarbeiterkapitalbeteiligung 165 Schätzung 125 Estimation 124 Derivat 122 Derivative 122 Capital income 108 Kapitaleinkommen 108 Aktienoptionsplan 106 Lohn 106
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Online availability
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Free 689 Undetermined 428
Type of publication
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Article 1,498 Book / Working Paper 1,196
Type of publication (narrower categories)
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Article in journal 1,351 Aufsatz in Zeitschrift 1,351 Graue Literatur 309 Non-commercial literature 309 Arbeitspapier 269 Working Paper 269 Hochschulschrift 153 Aufsatz im Buch 137 Book section 137 Thesis 132 Dissertation u.a. Prüfungsschriften 43 Collection of articles of several authors 20 Sammelwerk 20 Bibliografie enthalten 18 Bibliography included 18 Collection of articles written by one author 18 Sammlung 18 Handbook 10 Handbuch 10 Lehrbuch 10 Textbook 9 Konferenzschrift 7 Amtsdruckschrift 6 Government document 6 Aufsatzsammlung 5 Case study 5 Conference paper 5 Conference proceedings 5 Fallstudie 5 Konferenzbeitrag 5 Formelsammlung 3 Bibliografie 2 CD-ROM, DVD 2 Forschungsbericht 2 Glossar enthalten 2 Glossary included 2 Guidebook 2 Ratgeber 2 Reprint 2 Universitätsschrift 2
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Language
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English 2,256 German 412 Undetermined 12 French 7 Dutch 3 Italian 2 Spanish 2 Czech 1 Finnish 1 Portuguese 1 Swedish 1
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Author
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Hall, Brian J. 21 Larcker, David F. 18 Edmans, Alex 17 Dittmann, Ingolf 15 Kruse, Douglas L. 14 Sautner, Zacharias 13 Blasi, Joseph R. 12 Freeman, Richard B. 12 Armstrong, Christopher 11 Bali, Turan G. 10 Bernales, Alejandro 10 Cakici, Nusret 10 Chance, Don M. 10 Rajgopal, Shivaram 10 Shue, Kelly 10 Choe, Chongwoo 9 Knoll, Leonhard 9 Mäkinen, Mikko 9 Oyer, Paul E. 9 Simons, Dirk 9 Babenko, Ilona 8 Chaigneau, Pierre 8 Crasselt, Nils 8 Fried, Jesse M. 8 Gow, Ian D. 8 Laux, Volker 8 Leung, Tim 8 Milbourn, Todd 8 Pearson, Neil D. 8 Tian, Yisong Sam 8 Whaley, Robert E. 8 Winter, Stefan 8 Yermack, David L. 8 Aboody, David 7 Ang, Andrew 7 Bahaji, Hamza 7 Barraclough, Kathryn 7 Barth, Mary E. 7 Canil, Jean 7 Conyon, Martin J. 7
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Institution
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National Bureau of Economic Research 35 Svenska Handelshögskolan <Helsinki> 6 OECD 4 Stanford Institute for Economic Policy Research 3 Technische Universität Dresden / Fakultät Wirtschaftswissenschaften 3 Centre for Analytical Finance <Århus> 2 Deutscher Industrie- und Handelstag 2 Ekonomiska forskningsinstitutet <Stockholm> 2 International Accounting Standards Board 2 National Industrial Conference Board 2 Springer Fachmedien Wiesbaden 2 Centre for Economic Policy Research 1 Charles A. Dice Center for Research in Financial Economics <Columbus, Ohio> 1 Conference Board 1 Deutscher Sparkassen Giroverband 1 Deutsches Aktieninstitut 1 Deutschland / Bundesministerium der Finanzen 1 ESCP-EAP European School of Management 1 Edward Elgar Publishing 1 Elinkeinoelämän Tutkimuslaitos 1 Federal Reserve Bank of Cleveland 1 Financial Options Research Centre 1 Fundación de las Cajas de Ahorros Confederadas para la Investigación Económica y Social 1 INSEAD 1 Institute of Chartered Accountants of Scotland 1 International Accounting Standards Committee 1 Münsteraner Führungsgespräch <33, 1997, Münster (Westf)> 1 Münsteraner Führungsgespräch <33, 1997, Münster, Westfalen> 1 National Center for Employee Ownership ¬Oakland, ¬Calif. 1 National Industrial Conference Board, inc. 1 Oesterreichische Nationalbank 1 Organisation for Economic Co-operation and Development 1 PriceWaterhouseCoopers <London> 1 Shared Capitalism Conference <2006, New York, NY> 1 Technische Universität Chemnitz 1 USA / Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises 1 USA / Subcommittee on Commerce, Trade and Consumer Protection 1 USA / Subcommittee on Securities and Investment 1 United States / Securities and Exchange Commission / Division of Trading and Exchanges 1 University of British Columbia / Finance Division 1
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Published in...
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Journal of financial economics 51 The review of financial studies 41 Journal of banking & finance 39 Journal of accounting & economics 38 NBER working paper series 35 The journal of finance : the journal of the American Finance Association 35 Working paper / National Bureau of Economic Research, Inc. 35 The journal of corporate finance : contracting, governance and organization 32 Review of quantitative finance and accounting 27 NBER Working Paper 25 The journal of futures markets 22 Europäische Hochschulschriften / 5 21 Journal of business finance & accounting : JBFA 20 The accounting review : a publication of the American Accounting Association 20 Betriebs-Berater : BB 17 Review of accounting studies 17 The journal of derivatives : the official publication of the International Association of Financial Engineers 17 Finance research letters 15 Finanz-Betrieb : FB ; Zeitschrift für Unternehmensfinanzierung und Finanzmanagement 15 Der Betrieb 14 International review of economics & finance : IREF 14 Journal of financial and quantitative analysis : JFQA 14 The journal of applied business research 14 Contemporary accounting research : a journal of the Canadian Academic Accounting Association 11 Strategic management journal 11 WPg : Kompetenz schafft Vertrauen 11 Applied economics 10 Applied economics letters 10 International review of financial analysis 10 Managerial finance 10 SpringerLink / Bücher 10 Discussion paper / Centre for Economic Policy Research 9 KoR : internationale und kapitalmarktorientierte Rechnungslegung ; IFRS 9 Review of Pacific Basin financial markets and policies 9 Review of accounting & finance 9 The financial review : the official publication of the Eastern Finance Association 9 The journal of the American Taxation Association : a publ. of the Tax Section of the American Accounting Association 9 Corporate ownership & control : international scientific journal 8 Journal of business ethics : JOBE 8 Journal of empirical finance 8
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Source
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ECONIS (ZBW) 2,613 USB Cologne (EcoSocSci) 81
Showing 1 - 50 of 2,694
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Implied volatility surfaces : a comprehensive analysis using half a billion option prices
Ulrich, Maxim; Zimmer, Lukas; Merbecks, Constantin - In: Review of derivatives research 26 (2023) 2/3, pp. 135-169
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Mega Grants : Why Would a Board Approve Nine-Figure CEO Pay?
Larcker, David F.; Tayan, Brian - 2023
Recent years have seen a reemergence of the practice of awarding “mega grants” to CEOs. Mega grants are large, one-time equity awards granted in lieu of or in addition to annual awards with the intended purpose of providing significant incentive to the CEO to achieve long-term targets. The...
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Hicksian Income in the Conceptual Framework
Macve, Richard H.; Bromwich, Michael; Sunder, Shyam - 2023
In seeking to replace accounting ‘conventions’ by ‘concepts’ in the pursuit of principles-based standards, the FASB/IASB joint project on the conceptual framework has grounded its approach on a well-known definition of ‘income’ by Hicks. We welcome the use of theories by accounting...
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Does Stock Options Compensation Mitigate CEO Overconfidence? : Evidence from Korea
Kim, Na-Youn; Lee, Juhan - 2023
Managers are involved in corporate management activities and actively intervene in major managerial decisions to make decisions that maximize firm profits. Since CEO's personal disposition influences the decision of risky investment project, the higher the CEO's overconfidence, the more...
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Does CEOs Stock Options Affect Firms' Performance
Jallow, Assan - 2023
Using the agency, resource-based view, stakeholder, and stewardship theories, we investigate the relationship between chief executive officers' (CEOs') stock options, long-term debt, cash/sales turnover, and firm performance. Our empirical analysis suggests that these theories contribute to...
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Does Ending Stock Option Compensation for Independent Directors Affect Chief Executive Officer Monitoring : A Natural Experiment
Majoni, Akios; Rosenthal, Leonard - 2023
AbstractDivergent views exist about the impact of equity-based compensation on monitoring by Non-Executive Directors (NEDs) Prior studies report conflicting results mainly because of the endogeneity problem, which were not addressed or addressed using ineffective techniques. This study attempts...
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The Retention Consequences of Caps on Executive Compensation During Financial Crises
DeVaro, Jed; Fung, Scott - 2023
We develop a model in which firms in financial distress design executive compensation contracts, hire and fire executives, and accept or reject government bailout funds that (if accepted) constrain the design of future compensation contracts. Using data from COMPUSTAT and ExecuComp (1992-2007)...
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Mean-variance hedging of contingent claims with random maturity
Kladívko, Kamil; Zervos, Mihail - In: Mathematical finance : an international journal of … 33 (2023) 4, pp. 1213-1247
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About Options Investors
Jaisinghani, Nikhil - 2023
Many attempts have been made to estimate market characteristics from options prices, none more well known than the Black Scholes model. Yet, no options pricing model is without significant criticism. And none are consistent with the characteristics of the market discussed in this paper. Prior to...
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The Regulation of Share Buybacks and Insider Dealing : A Comparative Analysis
Lance, Ang - 2023
Securities regulation must balance the dual objectives of mitigating market abuse and permitting issuers to manage their capital flexibly and efficiently. This paper examines this issue in the specific context of the regulation of share buybacks within the insider dealing framework in a...
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The Impact of Stock Option Incentive on Earnings Volatility Under Economic Policy Uncertainty
Kim, Na-Youn; Lee, Juhan - 2023
This study aims to verify the effect of stock option compensation paid to executives on company’s earnings volatility. To this end, we looked at the impact of stock option compensation on executives' decision-making under economic policy uncertainty (EPU). We empirically demonstrated that...
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An analysis of net-outcome contracting with applications to equity-based compensation
Hofmann, Christian; Huddart, Steven J.; Pfeiffer, Thomas - In: Review of accounting studies 28 (2023) 3, pp. 1657-1689
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Employee behavior in employee stock option plans : why do some employees acquire company stock?
Pendleton, Andrew; Robinson, Andrew - In: Human resource management 62 (2023) 2, pp. 197-211
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Option Factor Momentum
Käfer, Niclas; Moerke, Mathis; Wiest, Tobias - 2023
We document profitable cross-sectional and time-series momentum in a broad set of 56 option factors constructed from monthly sorts on daily delta-hedged option positions. Option factor returns are highly autocorrelated, but momentum profits of strategies with longer formation periods are mainly...
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What is Forensic Finance?
Griffin, John M.; Kruger, Samuel - 2023
We survey a growing field studying aspects of finance that are potentially illegal, illicit, or immoral. Some of the literature is investigative in nature to uncover malfeasance that is recent and possibly ongoing. Other forensic finance research examines past events to generate a fuller...
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The Stock and Option Market Response to Negative ESG News
Orpiszewski, Tomasz; Thompson, Mark; Schwendner, Peter - 2023
This study investigates the response of stock prices and equity options to negative ESG incidents reported by RepRisk for S&P 500 companies between 2006 and 2021, considering the increasing significance of ESG ratings among fund managers and the widespread utilization of financial derivatives by...
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A New Option Momentum : Compensation for Risk
Beckmeyer, Heiner; Filippou, Ilias; Zhou, Guofu - 2023
In this paper, we propose a cross-sectional option momentum strategy that is based on the risk component of delta-hedged option returns. We find strong evidence of risk continuation in option returns. Specifically, options with a high risk component significantly outperform those with a low risk...
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Illiquid Bitcoin Options
Guo, Yang; Li, Jiasun; Luo, Mei; Wang, Yintian - 2023
This paper conducts a first look into the regulated Bitcoin options market in the United States. Compared to stock options, bitcoin options tend to be ten times more illiquid as measured by bid-ask spreads. The illiquidity significantly affects bitcoin options pricing: Given that investors are...
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Are Equity Option Returns Abnormal? IPCA Says No
Goyal, Amit; Saretto, Alessio - 2022
We show that much of the profitability in equity option return strategies, which try to capture option mispricing by taking exposure to underlying volatility, can be explained by an IPCA model. The alpha reduction, relative to competing static factor models, is between 50% and 75% depending on...
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The Corporate Calendar and the Timing of Share Repurchases and Equity Compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; … - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
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Cheap Stock Options : Antecedents and Outcomes
Badertscher, Brad A.; Jorgensen, Bjorn; Katz, Sharon P.; … - 2022
We examine the prevalence, determinants, and consequences of cheap stock. “Cheap stock” refers to equity-based compensation valued at less than fair value. Cheap stock grants have drawn regulators’ attention, with the SEC frequently commenting on issues related to cheap stock when...
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On Stock-Based Loans
McWalter, Thomas; Ritchken, Peter H. - 2022
We investigate the equilibrium interest rate charges on non-recourse and recourse loans secured by stock. In such loans, the client retains the option to prepay and recover the collateral stock. We adopt a structural model of the firm where debt levels, with endogenous bankruptcy, affect equity...
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CEO Compensation in IPOs
Beavers, Randy - 2022
Research Question/Issue: Does inside debt compensation affect previous thought on compensation effects in IPOs? What explains variation in compensation when a company goes public? What is the composition of CEO compensation in an IPO? What types of compensation may be more optimal for or are...
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Pricing an Option written on an Option
Hess, Markus - 2022
Compound options are options for which the underlying is another option. In other words, a compound option is an option written on an option. In this paper, we present two new approaches to compound option pricing. The first approach relies on Malliavin calculus methods and the Clark-Ocone...
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Quality Issues of Implied Volatilities of Index and Stock Options in the OptionMetrics IvyDB Database
Wallmeier, Martin - 2022
The implied volatilities provided by OptionMetrics in the IvyDB database suggest substantial deviations from put-call parity that do not really exist. In S&P 500 options, artificial deviations occur because OptionMetrics uses non-synchronous index and option prices and an average implied...
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The Cross-Section of Individual Equity Option Returns
Shafaati, Mobina; Chance, Don M.; Brooks, Robert - 2022
This paper evaluates the underperformance of individual equity options relative to their replicating portfolios. Considering a high-dimensional set of variables, we use a machine learning approach to identify the characteristics of options and their underlying stocks that provide incremental...
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Is Firm-Level Political Risk Priced in the Equity Option Market?
Ho, Thang; Kagkadis, Anastasios; Wang, George Jiaguo - 2022
We document a political risk premium of about 0.30% per month in the equity option market. High-political risk firms exhibit delta-hedged returns that are significantly lower than those of low-political risk firms. The effect holds both in a cross-sectional and in a time-series context. A...
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Fixing diluted earnings per share : recognising the dilutive effects of employee stock options
Van Zyl, Warrick; Uliana, Enrico O. - In: Accounting and finance 62 (2022) 2, pp. 2993-3019
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Liquidity provision to leveraged ETFs and equity options rebalancing flows : evidence from end-of-day stock prices
Barbon, Andrea; Beckmeyer, Heiner; Buraschi, Andrea; … - 2022
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The Corporate Calendar and the Timing of Share Repurchases and Equity Compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; … - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
Persistent link: https://ebtypo.dmz1.zbw/10013307878
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Rank-and-File Employee Stock Options and Workplace Safety
Chen, Yangyang; Ofosu, Emmanuel; Veeraraghavan, Madhu; … - 2022
We provide robust evidence that rank-and-file employee (R&F) stock options are negatively associated with employee injury rates. In cross-sectional analysis, we find that the documented effect is amplified among firms with greater scope for employee free-riding and financially constrained firms,...
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Stock return extrapolation, option prices, and variance risk premium
Atmaz, Adem - In: The review of financial studies 35 (2022) 3, pp. 1348-1393
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Determinants of stock-based incentives : evidence from Korean firm-level data
Jung, Sun-Moon; Kim, Chae-yŏng - In: Seoul journal of economics : SJE 35 (2022) 1, pp. 59-87
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Firm-Level Climate Change Risk and CEO Equity Incentives
Hossain, Ashrafee Tanvir; Masum, Abdullah-Al; Saadi, Samir - 2022
We document evidence that the CEOs who lead the firms that face higher climate change risk (CCR) receive higher equity-based compensation. Our finding is consistent with the compensating-wedge-differential theory and survives numerous robustness and endogeneity tests. The result is more...
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Executive Compensation, Individual-Level Tax Rates, and Insider Trading Profits
Goldman, Nathan C.; Ozel, N. Bugra - 2022
We examine whether individual-level taxes affect executives’ propensity to use nonpublic information in insider trades. We predict and find a positive relation between abnormal insider trading profitability and income tax rates. Using plausibly exogenous variation in state income tax rates, we...
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Illiquid Bitcoin Options
Guo, Yang; Li, Jiasun; Luo, Mei; Wang, Yintian - 2022
This paper conducts a first look into the regulated Bitcoin options market in the United States. Compared to stock options, bitcoin options tend to be ten times more illiquid as measured by bid-ask spreads. The illiquidity significantly affects bitcoin options pricing: Given that investors are...
Persistent link: https://ebtypo.dmz1.zbw/10014238294
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The First is Free : Do Employee Stocks Incentivize Stock Market Participation?
Nielsson, Ulf; Press, Oliver-Alexander - 2022
Relatively few people participate in the stock market. We investigate whether getting employee stocks as part of one’s compensation makes people more likely to actively invest in stocks. We find the probability of actively participating in the stock market increases by 15% for those who have...
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Can Analysts’ Forecasts and Recommendations Affect Abnormal Compensation of CEOs?
Li, Xia; Gupta, Jairaj; De Moura, André Aroldo Freitas - 2022
Jensen and Meckling (1976) claim that by facilitating monitoring of firms’ activities, security analysis by financial analysts can reduce agency costs between management and external capital providers, and thereby increase shareholder value. Additionally, boards are required to design...
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Event-Day Options
Wright, Jonathan H. - 2022
This paper considers new options on Treasury and stock futures than expire each Wednesday and Friday. I examine the volatilities implied by these options as of the night before expiration, and compare the volatilies just before FOMC days and employment report days with the volatilities on other...
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Transmission mechanisms of executive compensation to cost of equity capital
Kanyarat Sanoran - In: Global business and finance review 27 (2022) 4, pp. 108-117
Purpose: The nature of each component of executive compensation varies, resulting in variances in executive in- centives and investor pricing. To examine whether there is a differential relation between executive compensation components and cost of equity capital, this study decomposes the...
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Trading away incentives
Colonnello, Stefano; Curatola, Giuliano Antonio; Xia, Shuo - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013472925
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Stock-based compensation and insider trading with liquidity signal
Hahn, Guangsug; Kwon, Joon Yeop - In: Korea and the world economy 23 (2022) 3, pp. 167-184
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Executive equity incentives and opportunistic manager behavior : new evidence from a quasi-natural experiment
Nienhaus, Martin - In: Review of accounting studies 27 (2022) 4, pp. 1276-1318
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How Misconduct Spreads : Auditors’ Role in the Diffusion of Stock-option Backdating
Mohliver, Aharon - 2022
I study the role of external auditors in the diffusion of stock-option backdating in the U.S. to explore the role of professional experts in the diffusion of innovative practices that subvert stakeholders’ interests. Practices that are eventually accepted as misconduct may emerge as liminal...
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Illiquid Bitcoin Options
Guo, Yang; Li, Jiasun; Luo, Mei; Wang, Yintian - 2022
This paper conducts a first look into the regulated Bitcoin options market in the United States. Compared to stock options, bitcoin options tend to be ten times more illiquid as measured by bid-ask spreads. The illiquidity significantly affects bitcoin options pricing: Given that investors are...
Persistent link: https://ebtypo.dmz1.zbw/10013404569
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CEO Discretionary Power, Unconstrained Stock Ownership, and Stock Trading : Theory and Evidence
Hong, Duanping - 2022
This paper examines CEOs’ holding and trading of the unconstrained firm stock they own, i.e., vested and sellable firm shares. I first develop a theoretical model of why CEOs hold sellable shares in their own firm when doing so is riskier than holding a more diversified portfolio. In this...
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Stock Options and Incentives : Employee-Level Evidence from Google
Cowgill, Bo; Zitzewitz, Eric - 2022
We examine whether stock option and restricted stock grants motivate higher performance using employee-level data from Google. Employees who received more equity grants than peers hired at the same time and job grade perform slightly better in the future across a variety of measures. To attempt...
Persistent link: https://ebtypo.dmz1.zbw/10013405018
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CEO Option Compensation, Risk-Taking Incentives, and Systemic Risk in the Banking Industry
Kim, Jeong-Bon; Li, Li; Ma, Mary L. Z.; Song, Frank M. - 2022
This study predicts and finds that chief executive officer (CEO) risk-taking incentives induced by stock option compensation increase a bank’s contribution to systemic distress risk and systemic crash risk. We also predict and find that this CEO incentive–systemic risk relation operates...
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The effect of option grants on managerial risk taking : a review
Lin, Guoyu; Liu, Chenyong; Mette, Jehu; Crichton, Rohan - In: Risks : open access journal 10 (2022) 8, pp. 1-8
This article presents a systematic review of the theoretical and empirical literature on option grants and managerial risk taking. One of the objectives is the motivation of further research on the topic. Risk-averse managers hold less diversified portfolios and, thus, tend to take less risk...
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Cheap stock options : antecedents and outcomes
Badertscher, Brad A.; Jorgensen, Bjorn N.; Katz, Sharon P. - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013373094
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