储备:高管乐观、期权行使和股票保留

Rik Sen, Robert Tumarkin
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引用次数: 5

摘要

我们表明,当且仅当一位高管在行使公司股票期权时保留部分收到的股票时,她对公司的前景是乐观的。实证表明,基于这一思路的乐观指标比基于期权行权时机的常用指标更符合乐观与企业决策之间的预期关系。这是有道理的,因为我们的执行变动的最优期权行使和投资组合选择模型表明,期权行使的时间取决于股票和其他高管特征,就像它取决于乐观主义一样。
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Stocking Up: Executive Optimism, Option Exercise, and Share Retention
We show that an executive is optimistic about her company׳s prospects if and only if she retains some of the shares received whenever she exercises company stock options. Empirically, an indicator of optimism based on this idea matches the expected relations between optimism and corporate decision-making better than commonly used indicators based on the timing of option exercise. This makes sense, as our model of an executive׳s optimal option exercise and portfolio choice demonstrates that the timing of option exercise depends just as much on stock and other executive characteristics as it does on optimism.
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Stocking Up: Executive Optimism, Option Exercise, and Share Retention
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