{"title":"股票和期权授予的管理博弈","authors":"Yisong S. Tian","doi":"10.1111/fmii.12081","DOIUrl":null,"url":null,"abstract":"<p>In this paper, we examine managerial gaming of different types of equity grants, both at the initial award of the equity grants (<i>front-end gaming</i>) and the unwinding of the equity holdings in the future (<i>back-end gaming</i>). We find that the potential gains from stock price manipulation vary substantially across different types of equity grants. While traditional stock option grants are less vulnerable to front-end gaming, they are more vulnerable to back-end gaming than other types of equity grants (e.g., restricted stock grants). To prevent or discourage managerial gaming, firms should preset all terms of the equity grant in advance and link its future payoff to average stock prices (e.g., by granting Asian stock options).</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"26 3","pages":"127-152"},"PeriodicalIF":0.0000,"publicationDate":"2017-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12081","citationCount":"3","resultStr":"{\"title\":\"Managerial gaming of stock and option grants\",\"authors\":\"Yisong S. Tian\",\"doi\":\"10.1111/fmii.12081\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>In this paper, we examine managerial gaming of different types of equity grants, both at the initial award of the equity grants (<i>front-end gaming</i>) and the unwinding of the equity holdings in the future (<i>back-end gaming</i>). We find that the potential gains from stock price manipulation vary substantially across different types of equity grants. While traditional stock option grants are less vulnerable to front-end gaming, they are more vulnerable to back-end gaming than other types of equity grants (e.g., restricted stock grants). To prevent or discourage managerial gaming, firms should preset all terms of the equity grant in advance and link its future payoff to average stock prices (e.g., by granting Asian stock options).</p>\",\"PeriodicalId\":39670,\"journal\":{\"name\":\"Financial Markets, Institutions and Instruments\",\"volume\":\"26 3\",\"pages\":\"127-152\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2017-07-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1111/fmii.12081\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Financial Markets, Institutions and Instruments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/fmii.12081\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Financial Markets, Institutions and Instruments","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/fmii.12081","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
In this paper, we examine managerial gaming of different types of equity grants, both at the initial award of the equity grants (front-end gaming) and the unwinding of the equity holdings in the future (back-end gaming). We find that the potential gains from stock price manipulation vary substantially across different types of equity grants. While traditional stock option grants are less vulnerable to front-end gaming, they are more vulnerable to back-end gaming than other types of equity grants (e.g., restricted stock grants). To prevent or discourage managerial gaming, firms should preset all terms of the equity grant in advance and link its future payoff to average stock prices (e.g., by granting Asian stock options).
期刊介绍：
Financial Markets, Institutions and Instruments bridges the gap between the academic and professional finance communities. With contributions from leading academics, as well as practitioners from organizations such as the SEC and the Federal Reserve, the journal is equally relevant to both groups. Each issue is devoted to a single topic, which is examined in depth, and a special fifth issue is published annually highlighting the most significant developments in money and banking, derivative securities, corporate finance, and fixed-income securities.
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