Taxing Options: Do CEOs Respond to Favorable Tax Treatment of Stock Options?
نویسندگان
چکیده
منابع مشابه
Do Stock Options Overcome Managerial Risk Aversion? Evidence from Exercises of Executive Stock Options
We report that the probability that executives exercise options early decreases with the volatility of the underlying stock return. We interpret this to mean that executives’ subjective option value increases with volatility and that option grants increase executives’ risk appetite. Further decomposition reveals that the results are most pronounced for idiosyncratic volatility, consistent with ...
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We analyze a large data set of stock option exercises for a large data set of almost 200,000 option packages for more than 16,000 US top executives and analyze their motivations for the early exercise of their stock options. We estimate a hazard model to identify the main variables that in uence executives' timing decisions and nd that behavioral factors (e.g., trends in past stock prices), ins...
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Previous studies have examined the manipulation of executive stock option awards and exercises, focusing on information timing by managers. In this paper, we investigate potential managerial manipulation of stock-price performance motivated by executive stock options. To distinguish performance manipulation from information timing, we examine stock-price performance surrounding the departure of...
متن کاملDo Stock Options Encourage Managers to Take Risk?
The empirical results derived from our fixed effects model provide no support for a linkage between a CEO's stock option grant and future firm risk. We find, using the panel corrected error term methods (PCSE) that control for the heteroscedasticity and autocorrelation, that current period stock option awards do have a positive effect on future firm risk. From the PCSE model we also find that t...
متن کاملPRICING STOCK OPTIONS USING FUZZY SETS
We use the basic binomial option pricing method but allow someor all the parameters in the model to be uncertain and model this uncertaintyusing fuzzy numbers. We show that with the fuzzy model we can, with areasonably small number of steps, consider almost all possible future stockprices; whereas the crisp model can consider only n + 1 prices after n steps.
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ژورنال
عنوان ژورنال: Eastern Economic Journal
سال: 2007
ISSN: 0094-5056,1939-4632
DOI: 10.1057/eej.2007.29