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  • Search: subject_exact:"Aktienoptionsprogramm"
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Year of publication
Subject
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Aktienoption 2,154 Stock option 2,090 USA 847 United States 842 Führungskräfte 808 Managers 808 Theorie 573 Theory 573 Leistungsentgelt 438 Performance pay 438 Executive compensation 363 Managervergütung 360 Börsenkurs 314 Share price 314 Deutschland 295 Optionspreistheorie 273 Option pricing theory 270 Germany 251 Leistungsanreiz 212 Performance incentive 212 Corporate Governance 207 Corporate governance 207 Compensation system 186 Vergütungssystem 186 Agency theory 178 Prinzipal-Agent-Theorie 177 Option trading 143 Optionsgeschäft 143 Volatilität 116 Volatility 114 Employee ownership 110 Mitarbeiterkapitalbeteiligung 110 Schätzung 105 Estimation 104 Aktienoptionsplan 100 Balancing accounts 87 Bilanzierung 87 IFRS 87 Erfolgsbeteiligung 82 Profit sharing 82
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Online availability
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Free 405 Undetermined 311
Type of publication
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Article 1,338 Book / Working Paper 855 Journal 1
Type of publication (narrower categories)
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Article in journal 1,196 Aufsatz in Zeitschrift 1,196 Graue Literatur 290 Non-commercial literature 290 Arbeitspapier 248 Working Paper 248 Hochschulschrift 148 Aufsatz im Buch 134 Book section 134 Thesis 129 Dissertation u.a. Prüfungsschriften 43 Collection of articles of several authors 19 Sammelwerk 19 Collection of articles written by one author 18 Sammlung 18 Bibliografie enthalten 16 Bibliography included 16 Commentary 12 Kommentar 12 Handbook 10 Handbuch 10 Lehrbuch 8 Textbook 8 Konferenzschrift 7 Amtsdruckschrift 6 Government document 6 Aufsatzsammlung 5 Case study 5 Conference proceedings 5 Fallstudie 5 Conference paper 3 Formelsammlung 3 Konferenzbeitrag 3 Bibliografie 2 CD-ROM, DVD 2 Forschungsbericht 2 Guidebook 2 Ratgeber 2 Reprint 2 Universitätsschrift 2
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Language
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English 1,766 German 402 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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Edmans, Alex 16 Hall, Brian J. 16 Larcker, David F. 14 Dittmann, Ingolf 12 Sautner, Zacharias 12 Blasi, Joseph R. 11 Kruse, Douglas L. 11 Armstrong, Christopher 9 Knoll, Leonhard 9 Mäkinen, Mikko 9 Rajgopal, Shivaram 9 Aboody, David 8 Chaigneau, Pierre 8 Chance, Don M. 8 Crasselt, Nils 8 Freeman, Richard B. 8 Gow, Ian D. 8 Locarek-Junge, Hermann 8 Tian, Yisong Sam 8 Whaley, Robert E. 8 Winter, Stefan 8 Yermack, David L. 8 Babenko, Ilona 7 Barraclough, Kathryn 7 Barth, Mary E. 7 Bizjak, John M. 7 Choe, Chongwoo 7 Fang, Vivian W. 7 Goncalves-Pinto, Luis 7 Lemmon, Michael L. 7 Maug, Ernst 7 Milbourn, Todd 7 Murphy, Kevin James 7 Oyer, Paul E. 7 Pellens, Bernhard 7 Shue, Kelly 7 Simons, Dirk 7 Vater, Hendrik 7 Wang, Yanbo 7 Achleitner, Ann-Kristin 6
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Institution
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National Bureau of Economic Research 19 Svenska Handelshögskolan <Helsinki> 6 Stanford Institute for Economic Policy Research 3 Technische Universität Dresden / Fakultät Wirtschaftswissenschaften 3 Centre for Analytical Finance <Århus> 2 Deutscher Industrie- und Handelstag 2 Springer Fachmedien Wiesbaden 2 Charles A. Dice Center for Research in Financial Economics <Columbus, Ohio> 1 Commitee for Economic Development 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 Ekonomiska forskningsinstitutet <Stockholm> 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 Board 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 1 OECD 1 Oesterreichische Nationalbank 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 University of British Columbia / Finance Division 1 University of Cambridge / Department of Applied Economics 1 Österreichisches Controller-Institut <Wien> 1
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Published in...
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Journal of financial economics 52 The review of financial studies 40 The journal of corporate finance : contracting, governance and organization 38 Journal of accounting & economics 35 The journal of finance : the journal of the American Finance Association 35 Working paper / National Bureau of Economic Research, Inc. 35 Journal of banking & finance 31 Europäische Hochschulschriften / 5 21 Review of quantitative finance and accounting 21 NBER working paper series 19 Journal of business finance & accounting : JBFA 18 Betriebs-Berater : BB 17 The accounting review : a publication of the American Accounting Association 17 The journal of derivatives : the official publication of the International Association of Financial Engineers 17 The journal of futures markets 17 Finanz-Betrieb : FB ; Zeitschrift für Unternehmensfinanzierung und Finanzmanagement 15 Der Betrieb 14 Journal of financial and quantitative analysis : JFQA 14 Review of accounting studies 14 The journal of applied business research 12 Contemporary accounting research : a journal of the Canadian Academic Accounting Association 11 International review of economics & finance : IREF 11 WPg : Kompetenz schafft Vertrauen 11 Applied economics letters 10 Finance research letters 10 Journal of economic dynamics & control 10 Discussion paper / Centre for Economic Policy Research 9 International review of financial analysis 9 KoR : internationale und kapitalmarktorientierte Rechnungslegung ; IFRS 9 Mathematical finance : an international journal of mathematics, statistics and financial theory 9 Review of Pacific Basin financial markets and policies 9 Strategic management journal 9 The financial review : the official publication of the Eastern Finance Association 9 Corporate ownership & control : international scientific journal 8 Journal of business ethics : JOBE 8 Review of accounting & finance 8 Accounting and finance : journal of the Accounting Association of Australia and New Zealand 7 Managerial finance 7 Meddelanden fr°an Svenska Handelshögskolan 7 Pacific-Basin finance journal 7
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Source
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ECONIS (ZBW) 2,113 USB Cologne (EcoSocSci) 81
Showing 1 - 50 of 2,194
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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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The short-termism trap : competition for informed investors under stock-based CEO compensation
Dow, James; Han, Jungsuk; Sangiorgi, Francesco - 2022
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Net buying pressure and informed trading in the options market : evidence from earnings announcements
Badshah, Ihsan Ullah; Koerniadi, Hardjo - In: Journal of risk and financial management : JRFM 15 (2022) 2, pp. 1-9
By employing the modified net buying pressure as a measure of informed option trading, this study tested whether option trading around quarterly earnings announcements is either directionally motivated and/or volatility motivated. We found evidence that is consistent with the idea that option...
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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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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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The Informational Role of Options Trading : Evidence from the Shanghai Stock Exchange 50ETF Options in China
Ma, Teng; Zhang, Xiaoyan - 2021
This study empirically investigates the effects of options trading on future stock returns. Leveraging the Shanghai Stock Exchange 50 exchange-traded fund (50ETF) options trading data in China, we show that put-call ratios, skewness ratios, and China's Volatility Index exhibit economically and...
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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...
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Executive Equity Compensation Plans and Board of Director Discretion over Equity Grants
Cadman, Brian D.; Carrizosa, Richard - 2021
Executive equity compensation is granted out of an equity incentive plan that must be approved by shareholders. Equity incentive plans are an important precursor to equity grants because plan terms give boards of directors discretion over the amount and features of equity that can be granted...
Persistent link: https://ebtypo.dmz1.zbw/10013216623
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Financial reporting fraud and CEO pay-performance incentives
Chen, Dong; Wang, Feng; Xing, Cunyu - In: Journal of management science and engineering 6 (2021) 2, pp. 197-210
Because prior studies find mixed results on the relation between CEOs’ pay performance incentives and a firm’s likelihood of financial reporting fraud, we restudy their relationship using innovative research methods. First, we concentrate on incentives from granting options rather than...
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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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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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On Competition and the Efficiency of Disclosure for Equity-Based Incentives
Nwogugu, Michael C. I. - 2021
This article introduces new theories pertaining to optimal disclosure for equity-based incentives ("EBI") in general and for incentive and compensatory Employee Stock Options ("ESOs") in particular; within the context of competition. The article then develops the quantitative characteristics of...
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On the Efficiency of Equity-Based Incentives Disclosure and Information Assymetry
Nwogugu, Michael C. I. - 2021
The article seeks to: a) critique existing academic thought on economics of incentives and contracts, b) analyze the impact of Equity-Based Incentives (EBIs) on risk and vice versa; c) show how EBIs cause information assymmetry,and vice versa.The use of EBIs and incentives are heavily influenced...
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CEO Compensation Incentives and Playing It Safe : Evidence from FAS 123R
Carline, Nicholas F.; Pryshchepa, Oksana; Wang, Bo - 2021
This paper uses FAS 123R regulation to examine how reduction in CEO compensation incentives affects managerial 'playing-it-safe' behavior. Using proxies reflecting deliberate managerial efforts to change firm risk, difference-in-difference tests show that affected firms drastically reduce both...
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Investor Sentiment and Stock Option Vesting Terms
Huang, Shawn X.; Keskek, Sami; Sanchez, Juan Manuel - 2021
Using the details of vesting terms, we document that stock options granted in high investor sentiment periods tend to have shorter vesting periods and durations, and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date, relative to...
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Pay-for-performance Sensitivity of CEO Equity Compensation and Financial Misreporting : Evidence from the Personal Wealth Pursuit Motive of CEOs
Cao, Wenjiao; Jia, Yuping; Zeng, Yachang - 2021
The incentive effect of CEO portfolio delta (i.e., the sensitivity of CEO wealth to changes in stock price) on financial misreporting is inconclusive given a complex reward-risk tradeoff faced by CEOs (e.g., a positive “reward effect” versus a negative “risk effect”). We propose that the...
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Sorting Effects of Broad-Based Equity Compensation
Tsui, David - 2020
We examine the sorting role of broad-based equity pay using detailed employee-level data. We propose trust in management as an important and beneficial characteristic over which equity pay sorts employees, as such pay typically leaves employees with concentrated positions in employer stock and...
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Employee Compensation Still Impacts Payout Policy
Bonaime, Alice A. - 2020
Employee compensation may impact payout policy by (i) incentivizing managers with non-dividend-protected options to favor repurchases over dividends and (ii) diluting earnings, which firms can neutralize through share repurchases. Both the dividend-protection and dilution channels imply a...
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Managers’ Stock-Based Compensation and Disclosures of High Proprietary Cost Information : An Investigation of US Biotech Firms
Enache, Luminita - 2020
In this study, we examine whether CEOs' stock-based compensation has any relationship with the disclosure of highly proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance their voluntary disclosures in general, we argue...
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Does Equity-based Compensation Cause Firms to Manage Earnings Per Share?
Gao, Xing - 2020
Equity-based compensation causes increases in firms' share count and dilutes Earnings Per Share (EPS), which provides firms with an incentive to raise EPS using either share buybacks or earnings management. We employ a regression discontinuity framework to provide evidence of a causal link...
Persistent link: https://ebtypo.dmz1.zbw/10012853424
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Executives’ retention of vested restricted equity
Johannesson, Erik - 2020
We examine when and why executives retain vested restricted stock. A growing literature uses equity vesting events as a predictor of insider selling and, by extension, managerial myopia. Excluding mechanical tax withholdings, however, we find that executives do not sell vested restricted equity...
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Strategic Repurchases and Equity Sales : Evidence from Equity Vesting Schedules
Moore, David - 2020
This paper studies the strategic use and timing of share repurchases by insiders for personal gain. Using grant level compensation data and a hand-collected sample of monthly repurchases, I find a positive causal relation between CEO equity sales and share repurchases. I identify the relation...
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The Participation Constraint and CEO Equity Grants
Cadman, Brian D. - 2020
We examine the extent to which participation constraints influence CEO annual equity grants. Studying CEO equity grants over the period 2006-2016 and using equity grants to compensation peers as a proxy for the reservation equity grant level, we find that the reservation wage in equity is a...
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Informed Trading of Out-of-the-Money Options and Market Efficiency
Kang, Chang Mo - 2020
We examine stock return predictability of "Out-of-The-Money (OTM) put-to-OTM call trading volume ratio" (OTMPC). Our numerical analysis predicts that informed investors hardly write OTM options because the leverage effect is not sufficient to compensate for transaction costs. OTMPC, thus,...
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Why CEO Option Compensation Can be a Bad Option for Shareholders : Evidence from Major Customer Relationships
Liu, Claire - 2020
We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major customers raises the costs associated with CEO risk-taking incentives and leads to lower option-based compensation. Using industry-level import tariff...
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Investor Sentiment and Stock Option Vesting Terms
Huang, Shawn X. - 2020
Using the details of vesting terms, we document that stock options granted in high sentiment periods tend to have shorter vesting period/duration, and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date relative to low sentiment...
Persistent link: https://ebtypo.dmz1.zbw/10012856228
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How Do Informed Option Traders Trade? Option Trading Activity, News Releases, and Stock Return Predictability
Weinbaum, David - 2020
We examine how informed traders trade in the option market around news announcements. We show that their profits depend on whether positions are long or short, whether trades take place before or after news releases, and whether events are scheduled or unscheduled. We predict and find that...
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The Effect of FASB Statement No. 123R on Stock Repurchases : An Empirical Examination of Management Incentives
Hegemann, Steve - 2020
This study examines management's response to the change in accounting for stock option-based compensation imposed by SFAS No. 123R, whose implementation is expected to reduce reported income. To cope with this impact, management may be motivated to decrease the use of stock options as part of...
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Strategic News Releases in Equity Vesting Months
Edmans, Alex - 2020
We find that CEOs release 20% more discretionary news items in months in which they are expected to sell equity, predicted using scheduled vesting months. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information...
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Price Discovery in Stock and Options Markets
Patel, Vinay - 2020
Using new empirical measures of information leadership, we find that the role of options in price discovery is up to five times larger than previously thought. Approximately one-quarter of new information is reflected in options prices before being transmitted to stock prices, with options...
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Does Equity-Based Compensation Make CEOs More Acquisitive?
Boulton, Thomas Jason - 2020
Theory is conflicted on the impact of equity-based compensation on managerial risk taking. We explore this issue by studying the relation between equity-based compensation and firms' propensity to make acquisitions. Consistent with the notion that equity-based compensation encourages managerial...
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Executive Turnover in the Stock Option Backdating Wave : The Impact of Social Context
Wiersema, Margarethe - 2020
While boards are known to react to corporate misconduct by removing the executives responsible, little is known about whether the board's response is shaped by the firm's social context. Using the 2006 stock option backdating scandal, in which firms manipulated stock option grant dates, we...
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Easy Money? Managerial Power and the Option Backdating Game Revisited
Guthrie, Graeme - 2020
This paper presents a model of a firm that backdates the granting of executive stock options in order to maximize actual compensation for a given level of reported compensation. The model is used to estimate the magnitude of the difference between the actual and reported values of option grants....
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Equity Vesting and Investment
Edmans, Alex - 2020
This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. A one standard deviation increase in vesting equity is associated with an annualized 0.2%...
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Optimal Executive Compensation : Stock Options or Restricted Stocks
Wu, Yan Wendy - 2020
This paper develops an agency model to analyze the optimality of executive stock option compensation in the presence of information manipulation. The analyses show that although information manipulation is positively related to the size of option compensation, the relative size of...
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Executive Compensation, Earnings Management and Shareholder Litigation
Wu, Yan Wendy - 2020
This paper examines the effects of executive compensation and potential for earnings management on the incidence of shareholder class action lawsuits and their outcomes. Although damage measurement factors,managerial option intensity, and earnings management all significantly affect the...
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Executive Stock Options and Systemic Risk
Armstrong, Chris - 2020
We examine whether features of bank executives' compensation contracts cause them to take actions that contribute to systemic risk. Using multiple return-based measures of systemic risk coupled with an identification strategy that exploits heteroskedasticity to account for endogenous matching of...
Persistent link: https://ebtypo.dmz1.zbw/10012823513
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Informed options trading before corporate events
Augustin, Patrick; Subrahmanyam, Marti G. - In: Annual review of financial economics 12 (2020), pp. 327-355
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Event-day options
Wright, Jonathan H. - 2020
Persistent link: https://ebtypo.dmz1.zbw/10012424312
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Executive stock options and systemic risk
Armstrong, Christopher; Nicoletti, Allison; Zhou, Frank - 2020
Persistent link: https://ebtypo.dmz1.zbw/10012319429
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Cheap options are expensive
Eisdorfer, Assaf; Goyal, Amit; Zhdanov, Alexei - 2020
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CEO incentives and bank risk over the business cycle
Ongena, Steven; Savaser, Tanseli; Ciamarra, Elif Sisli - 2020
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Cross-sectional uncertainty and the business cycle : evidence from 40 years of options data
Dew-Becker, Ian; Giglio, Stefano - 2020
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The Impact of Credit Risk on Equity Options
Maglione, Federico - 2020
The aim of this work is to understand and measure to what extent equity options price credit risk. With the exception of Toft and Prucyk (1997), which is a dated work based on the simplistic assumption of a reference company issuing perpetual debt, all the work in the literature which try to...
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Disagreement in the Equity Options Market and Stock Returns
Golez, Benjamin - 2020
We estimate investor disagreement from synthetic long and short stock trades in the equity options market. We show that high disagreement predicts low stock returns after positive earnings surprises and high stock returns after negative earnings surprises. The negative effect is stronger for...
Persistent link: https://ebtypo.dmz1.zbw/10012848017
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Stock-based Compensation, Financial Analysts, and Equity Overvaluation
Mohanram, Partha S. - 2020
Stock-based compensation (SBC) reduces the value of shareholder equity, ceteris paribus, and is a significant and growing expense for many firms. Despite its valuation implications and its growing importance, anecdotal evidence suggests that market participants ignore SBC in valuation. We first...
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When Trading Options is Not the Only Option : The Effects of Single-Stock Futures Trading on Options Market Quality
Jiang, George J. - 2020
The literature documents that the short-selling ban during the financial crisis led to a significant deterioration of options market quality. We examine the impact of single-stock futures (SSFs) trading on options market quality during the short-selling ban period. We show that there is a...
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Do enhanced derivative disclosures work? : an informational perspective
He, Guanming; Ren, Helen Mengbing; Taffler, Richard J. - In: The journal of futures markets 42 (2022) 1, pp. 24-60
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How should performance signals affect contracts?
Chaigneau, Pierre; Edmans, Alex; Gottlieb, Daniel - In: The review of financial studies 35 (2022) 1, pp. 168-206
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On buybacks, dilutions, dividends, and the pricing of stock-based claims
Backwell, Alex; McWalter, Thomas A.; Ritchken, Peter H. - In: Mathematical finance : an international journal of … 32 (2022) 1, pp. 273-308
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