摘要
Exercise-pricepolicyisperhapsthecentraldesignissueregardingnontradableExecutiveStockOptions(ESO).Inthispaper,wegivethevaluelineofESO,V(P),andtherangeoftheincentive-maximizingexercisepriceswhichisdefinedastheexercisepricesthatgenerateincentives,εn(P)/εP,within1percentofthemaximumusingthe“certaintyequivalence”approach,similartothatadoptedbyRichardLambertetal..Ourresultsshowthat,holdingconstantthecompany'scostofmakinganoptiongrant,incentivesaremaximizedbysettingexercisepriceswithinarangethattypicallyincludesthegrant-datemarketprice.
出版日期
2004年01月11日（中国期刊网平台首次上网日期，不代表论文的发表时间）
