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Employee stock options, payout policy, and stock returns : shareholders and optionholders in large U.S. technology corporations /

Основен автор: Grabowski, Wojciech. (Author)
Формат: Електронна книга
Език: English
Публикувано: Frankfurt am main : Peter Lang, [2012]
Серия: Polish studies in economics ; v. 1.
Предмети:
Corporations > United States > Finance.
Employee stock options > United States.
BUSINESS & ECONOMICS > Corporate Finance.
BUSINESS & ECONOMICS > Finance.
Corporations > Finance.
Employee stock options.
United States > .
Electronic books.
Онлайн достъп: http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=542545
Съдържание:
  • Cover
  • Contents
  • Preface
  • 1 Speculative Option-Repurchase Mechanism
  • 1.1 Equity financing and returns on equity
  • 1.2 Recent changes in payout and compensation policies
  • 1.3 Operations involving options on the firm's own stock
  • 1.4 Optionholders, long-term shareholders, speculativeinvestors
  • 1.5 Options, repurchases, shareholders and optionholdersin large U.S. technology firms
  • 1.5.1 Sample selection and data sources
  • 1.5.2 General characteristics
  • 1.5.3 Third-party option operations
  • 1.5.4 Timing of repurchases, option grants and exercises
  • 1.5.5 Shareholder and optionholder structure.
  • 1.5.6 Further information on the extent of option programs1.6 Simple option grant and exercise timing models
  • 1.7 Conclusions and further research questions
  • 2 Option Plans, Repurchases, and Stock Returns
  • 2.1 Introduction
  • 2.2 Literature review
  • 2.2.1 Theoretical ESO valuation models*
  • 2.2.2 Empirical papers on ESO valuation and share prices
  • 2.2.3 Cross-section studies of payout and stock returns
  • 2.3 Model formulation, variables description, andestimation methods
  • 2.4 Descriptive statistics and estimation results
  • 2.5 Discussion
  • 3 Employee Stock Options, Undervaluation, and Payout Policy.
  • 3.1 Introduction3.2 Previous research
  • 3.2.1 Payout policy
  • 3.2.2 ESO and payout policy
  • 3.3 Model design and empirical results
  • 3.3.1 Hypothesis development
  • 3.3.2 Model equations and estimation methods
  • 3.3.3 Model variables
  • 3.3.4 Descriptive statistics
  • 3.3.5 Estimation results
  • 3.4 Discussion
  • 4 Managerial decisions and Payoffs to Optionholders and Shareholders
  • 4.1 Compensation contracts-theoretical and empiricalapproaches
  • 4.2 Employee stock options incentive measurement-somespecial problems
  • 4.3 Previous literature
  • 4.4 Research design and model formulation
  • 4.4.1 Hypotheses.
  • 4.4.2 Model equations and variables4.5 Main results
  • 4.6 Discussion
  • 5 Conclusions
  • 5.1 The evolving nature of the exchange-listed firm
  • 5.2 Main features and limitations of the research
  • 5.3 A perspective on the main findings
  • References.

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