Neubauer, U: Costs and Incentive Effects of Stock Option Rep
(Sprache: Englisch)
Does repricing of executive stock options, i.e. the practice of lowering the exercise price when options are out-of-the-money unfairly reward managers for poor performance and thereby undermine incentives set by the compensation contract? In a study that...
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Does repricing of executive stock options, i.e. the practice of lowering the exercise price when options are out-of-the-money unfairly reward managers for poor performance and thereby undermine incentives set by the compensation contract? In a study that compares the pay package containing repriced option with an otherwise adjusted package it is shown that repricing is not more expensive to shareholders than otherwise adjusting non-option compensation components. However, the package containing repriced options provides significantly stronger incentives. Furthermore, a policy that constrains the board of directors from repricing does not have significant effects on shareholders' returns.
Inhaltsverzeichnis zu „Neubauer, U: Costs and Incentive Effects of Stock Option Rep “
Contents: Does repricing of stock options expropriate rents from shareholders? - Is repricing more expensive than otherwise adjusting pay components? - Can repricing help reincentivize managers? - How does the stock market react to the announcement that firms prohibit repricing?
Bibliographische Angaben
- Autor: Ulrike Neubauer
- XVII, 219 Seiten, Maße: 15,1 x 21 cm, Kartoniert (TB), Englisch
- Verlag: Lang, Peter GmbH
- ISBN-10: 3631524013
- ISBN-13: 9783631524015
- Erscheinungsdatum: 01.04.2004
Sprache:
Englisch
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