{"title":"A Mathematical Structure of the Firm Value When Stock Options are Issued","authors":"Ryozo Miura, M. Ishii","doi":"10.15057/5172","DOIUrl":null,"url":null,"abstract":"In this paper, we mathematically formalize the structure of the firm value when stock options are issued. Using the result, we show that the wealth of the stock holders do not transfer to the stock option holders at the maturity of the stock option ,and that the stock option gives the stock option holders the incentive for better firm's performance which brings the stock holders the more profit.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"70 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1999-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Hitotsubashi journal of commerce and management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.15057/5172","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
In this paper, we mathematically formalize the structure of the firm value when stock options are issued. Using the result, we show that the wealth of the stock holders do not transfer to the stock option holders at the maturity of the stock option ,and that the stock option gives the stock option holders the incentive for better firm's performance which brings the stock holders the more profit.
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