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Subject
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Aktienoption 2,543 Stock option 2,476 Führungskräfte 953 Managers 953 Leistungsentgelt 533 Performance pay 533 USA 484 United States 478 Theorie 473 Theory 473 Executive compensation 469 Managervergütung 465 Optionspreistheorie 400 Option pricing theory 395 Börsenkurs 319 Share price 318 Leistungsanreiz 309 Performance incentive 309 Deutschland 305 Compensation system 288 Vergütungssystem 288 Germany 261 Agency theory 240 Prinzipal-Agent-Theorie 240 Corporate Governance 239 Corporate governance 236 Optionsgeschäft 205 Option trading 203 Volatilität 172 Volatility 170 Employee ownership 156 Mitarbeiterkapitalbeteiligung 156 Derivat 120 Derivative 120 Schätzung 120 Estimation 119 Aktienoptionsplan 105 Capital income 102 Kapitaleinkommen 102 Lohn 101
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Online availability
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Free 624 Undetermined 391
Type of publication
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Article 1,457 Book / Working Paper 1,128
Type of publication (narrower categories)
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Article in journal 1,312 Aufsatz in Zeitschrift 1,312 Graue Literatur 308 Non-commercial literature 308 Arbeitspapier 267 Working Paper 267 Hochschulschrift 151 Aufsatz im Buch 136 Book section 136 Thesis 132 Dissertation u.a. Prüfungsschriften 43 Collection of articles of several authors 21 Sammelwerk 21 Bibliografie enthalten 18 Bibliography included 18 Collection of articles written by one author 18 Sammlung 18 Lehrbuch 11 Handbook 10 Handbuch 10 Textbook 10 Konferenzschrift 8 Amtsdruckschrift 6 Conference proceedings 6 Government document 6 Aufsatzsammlung 5 Case study 5 Fallstudie 5 Formelsammlung 4 Conference paper 3 Konferenzbeitrag 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 2,146 German 413 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. 19 Edmans, Alex 17 Dittmann, Ingolf 15 Larcker, David F. 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 Knoll, Leonhard 9 Mäkinen, Mikko 9 Oyer, Paul E. 9 Babenko, Ilona 8 Chaigneau, Pierre 8 Choe, Chongwoo 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 Ang, Andrew 7 Barraclough, Kathryn 7 Canil, Jean 7 Fang, Vivian W. 7 Gillenkirch, Robert M. 7 Goncalves-Pinto, Luis 7 Kedia, Simi 7 Kruse, Susanne 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 40 Journal of banking & finance 38 Journal of accounting & economics 37 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 26 Europäische Hochschulschriften / 5 21 The journal of futures markets 21 The accounting review : a publication of the American Accounting Association 20 Journal of business finance & accounting : JBFA 19 NBER Working Paper 19 Betriebs-Berater : BB 17 The journal of derivatives : the official publication of the International Association of Financial Engineers 17 Review of accounting studies 16 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 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 Managerial finance 8 SpringerLink / Bücher 8 Accounting and finance : journal of the Accounting Association of Australia and New Zealand 7
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Source
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ECONIS (ZBW) 2,504 USB Cologne (EcoSocSci) 81
Showing 1 - 50 of 2,585
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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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Trading away incentives
Colonnello, Stefano; Curatola, Giuliano Antonio; Xia, Shuo - 2022 - This draft: October 19, 2022
Equity pay has been the primary component of managerial compensation packages at US public firms since the early 1990s. Using a comprehensive sample of top executives from 1992-2020, we estimate to what extent they trade firm equity held in their portfolios to neutralize increments in ownership...
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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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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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Are equity option returns abnormal? : IPCA says no
Goyal, Amit; Saretto, Alessio - 2022
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Behavioural agency and firm productivity : revisiting the incentive alignment qualities of stock options
Zolotoy, Leon; O'Sullivan, Don; Martin, Geoffrey - In: Journal of management studies : JMS 59 (2022) 7, pp. 1756-1787
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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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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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Cheap stock options : antecedents and outcomes
Badertscher, Brad A.; Jorgensen, Bjorn N.; Katz, Sharon P. - 2022
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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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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/10013290227
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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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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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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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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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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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Trading away incentives
Colonnello, Stefano; Curatola, Giuliano Antonio; Xia, Shuo - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013472925
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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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Option Momentum
Heston, Steven L.; Jones, Christopher S.; Khorram, Mehdi; … - 2022
This paper investigates the performance of option investments across different stocks by computing monthly returns on at-the-money straddles on individual equities. It finds that options with high historical returns continue to significantly outperform options with low historical returns over...
Persistent link: https://ebtypo.dmz1.zbw/10013406104
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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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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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Determinants of Return-Maximizing CEO Equity & Cash Compensation Determinants of Return-Maximizing CEO Equity & Cash Compensation
Pandher, Gurupdesh S. - 2022
While the literature appeals to efficiency arguments from agency theory to explain the relative rise of CEO equity compensation, prior work has given less focus to CEO pay contracts based on equity and cash incentives that directly (analytically) maximize the total return of firm owners. The...
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Firm Strategy and CEO−VP Pay Differentials in Equity Compensation
Abernethy, Margaret A.; Dong, Yunhe; Kuang, Yu Flora; … - 2022
We examine whether pay differentials between the chief executive officer (CEO) and vice presidents (VPs) can be explained by firms’ strategic priorities. We find that firms that pursue prospector-type strategies have a larger CEO−VP difference in equity compensation. We argue that such a pay...
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On Stock-Based Loans
McWalter, Thomas; peter., Peter - 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...
Persistent link: https://ebtypo.dmz1.zbw/10013492178
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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. We find bitcoin options to be ten times more illiquid than stock options, as measured by bid-ask spreads. The illiquidity significantly affects bitcoin options pricing: Given that investors are on...
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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, that try to capture option mis-pricing 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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Regime-Based Implied Stochastic Volatility Model for Crypto Option Pricing
Saef, Danial; Wang, Yuanrong; Aste, Tomaso - 2022
The increasing adoption of Digital Assets (DAs), such as Bitcoin (BTC), rises the need for accurate option pricing models. Yet, existing methodologies fail to cope with the volatile nature of the emerging DAs. Many models have been proposed to address the unorthodox market dynamics and frequent...
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Are There Listing Effects of Single Stock Futures in the Derivatives Market on Firms’ Accounting Behavior? Evidence from Korea
Jeon, Sungmin; Lee, Sang Hyuk - 2022
This paper analyzes the accounting behavior of firms whose single stock futures are listed in the Korea Exchange (KRX) derivatives market. We find that firms have higher financial reporting quality and more disclosures after single stocks are listed in the future market. Our findings provide...
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Cross-Sectional Uncertainty and the Business Cycle : Evidence from 40 Years of Options Data
Dew-Becker, Ian; Giglio, Stefano - 2022
This paper presents a novel and unique measure of cross-sectional uncertainty constructed from stock options on individual firms. Cross-sectional uncertainty varied little between 1980 and 1995, and subsequently had three distinct peaks -- during the tech boom, the financial crisis, and the...
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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...
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Understanding the Cross-Section of CDS Returns Using Equity Options
Duong, Diep; Park, Sunjin - 2022
This paper examines the cross-section of CDS returns by forming CDS portfolios based on the implied volatility curves of equity options. We document that CDS protection seller positions earn higher average returns for: (i) firms with higher at-the-money implied volatility and (ii) firms with...
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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 hidden cost of profit sharing on participation in employee stock purchase plans
Hennig, Jan Christoph; Hullmann, Rieke; Rau, Holger A.; … - 2021
Many firms use equity-based profit sharing to boost participation in employee stock purchase plans (ESPPs). Using a large panel data set (N=262,824) of a multinational firm, we compare the reactions of former ESPP participants and non-participants to a profit sharing distribution (PSD). We find...
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Executive compensation and firm performance in New Zealand : the role of employee stock option plans
Ding, David K.; Chea, Ya Eem - In: Journal of risk and financial management : JRFM 14 (2021) 1/31, pp. 1-19
We examine the role of employee stock option plans (ESOPs) in mitigating agency problems in New Zealand firms. We find that ESOPs have a significant and positive effect on firm performance relative to their non-ESOP counterparts. This relation appears within a year from the first ESOP...
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Option volume and stock returns : evidence from single stock options on the Korea Exchange
Woo, Mincheol; Kim, Meong Ae - In: Journal of derivatives and quantitative studies 29 (2021) 4, pp. 280-300
Informed traders may prefer the options market to the stock market for reasons including the leverage effect, transaction costs, restrictions on short sale. Many studies try to predict future returns of stocks using informed traders' behavior in the options market. In this study, we examine...
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Hedging cryptocurrency options
Matic, Jovanka; Packham, Natalie; Härdle, Wolfgang - 2021
The cryptocurrency (CC) market is volatile, non-stationary and non-continuous. This poses unique challenges for pricing and hedging CC options. We study the hedge behaviour and effectiveness for a wide range of models. First, we calibrate market data to SVI-implied volatility surfaces, which in...
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Tackling investment risks using equity options during extreme economic upheavals : Indian evidence
Jose, Babu; Varghese, James - In: Colombo business journal : international journal of … 12 (2021) 1, pp. 1-28
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Executive pay-performance relationship among listed deposit money banks in Nigeria
Idowu, Abdulkadir Rihanat - In: Business management review : journal of the University … 24 (2021) 2, pp. 1-15
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The Taxation of Executive Compensation
Hall, Brian J.; Liebman, Jeffrey B. - 2021
Over the past 20 years, there has been a dramatic increase in the share of executive compensation paid through stock options. In this paper, we examine the extent to which tax policy has influenced the composition of executive compensation, and discuss the implications of rising stock-based pay...
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Executive Turnover Following Option Backdating Allegations
Efendi, Jap; Files, Rebecca; Ouyang, Bo; Swanson, Edward P. - 2021
We find the likelihood of turnover in the CEO and CFO positions is significantly higher in the aftermath of option backdating (in comparison to industry-matched and propensity-score-matched control firms). Turnover is particularly high for severe cases of backdating, namely, when a regulatory...
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Spillovers of cum-ex and cum-cum trading with single stock futures
Laturnus, Valerie; Reichel, Arne; Wahrenburg, Mark - 2021
We examine single stock future (SSF) trading and respective underlyings around dividend ex-dates to study a specific form of dividend tax arbitrage, widely known as cum-ex and cum-cum trading, across Europe. Both strategies are designed to profit from illicit refunds of tax withheld from...
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Stock-Option Financing in Pre-IPO Companies
Larcker, David F.; Tayan, Brian; Watts, Edward M. - 2021
In this Closer Look, we examine a new industry that has arisen in recent years to facilitate the financing of stock-option exercises for employees and executives of pre-IPO companies. These capital providers allow individuals to exercise and retain their stock option awards, meaning the employee...
Persistent link: https://ebtypo.dmz1.zbw/10013214449
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Does Media Coverage Cause Meritorious Shareholder Litigation? Evidence from the Stock Option Backdating Scandal
Donelson, Dain C.; Kartapanis, Antonis; Yust, Christopher G. - 2021
This study examines the role of media coverage on meritorious shareholder litigation. Asserting a causal effect of the media on litigation is normally difficult due to the endogenous nature of media coverage. However, we use the Wall Street Journal’s backdating coverage to overcome these...
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FX Option Volume
Czech, Robert; Della Corte, Pasquale; Huang, Shiyang; … - 2021
We study the information content of foreign exchange (FX) option volume using a unique dataset on over-the-counter FX options with disclosed counterparty identities and contract characteristics. Our study shows that FX option volume can predict future exchange rate returns, especially when the...
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