学科分类
/ 1
1 个结果
  • 简介:Exercise-pricepolicyisperhapsthecentraldesignissueregardingnontradableExecutiveStockOptions(ESO).Inthispaper,wegivethevaluelineofESO,V(P),andtherangeoftheincentive-maximizingexercisepriceswhichisdefinedastheexercisepricesthatgenerateincentives,εn(P)/εP,within1percentofthemaximumusingthe“certaintyequivalence”approach,similartothatadoptedbyRichardLambertetal..Ourresultsshowthat,holdingconstantthecompany'scostofmakinganoptiongrant,incentivesaremaximizedbysettingexercisepriceswithinarangethattypicallyincludesthegrant-datemarketprice.

  • 标签: 经理认股权 确定性等价 最佳执行价格 市场价格