Employee Stock Options, Payout Policy, and Stock Returns
ISBN:
978-3-631-63035-8
Verlag:
Peter Lang GmbH, Internationaler Verlag der Wissenschaften
Land des Verlags:
Deutschland
Erscheinungsdatum:
06.02.2012
Bearbeiter:
Reihe:
Polish Studies in Economics
Format:
Hardcover
Seitenanzahl:
105
Lieferung in 3-4 Werktagen
Versandkostenfrei ab 40 Euro in Österreich
The book investigates empirically mechanisms behind the recent widespread use of employee stock options and share repurchases in corporate financial management. Exploring through econometric models a sample of large U.S. technology corporations in the period between 1997 and 2005, it documents complex links between stock option plans, payout policy and other key financial characteristics of these firms. The models highlight the interplay between the interests of long-term shareholders, optionholders and speculative investors and provide estimates of joint effects of option dynamics and repurchases on stock returns, undervaluation and option plans on payout policy as well as risk taking and revenue growth on payoffs to shareholders and optionholders.
Schlagwörter
Biografische Anmerkung
Wojciech Grabowski is Assistant Professor at the Faculty of Economic Sciences, University of Warsaw.
