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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70692


    Title: A Dynamic Analysis of Executive Stock Options: Determinants and Consequences
    Authors: 陳嬿如
    Chen, Y.R.;B.S. Lee
    Contributors: 財管系
    Keywords: Executive stock options;Growth opportunity;Capital investment and performance;Dynamic analysis
    Date: 2010.02
    Issue Date: 2014-10-22 12:26:25 (UTC+8)
    Abstract: We investigate the determinants of executive stock options (ESOs) and their impact on risky investment and subsequent firm performance in a dynamic setting. We find that, first, the dynamic response of ESOs to growth opportunity and risk is positive and lasts for two to three years. Second, the dynamic response of risky investments to option compensation is positive but converges to zero after three years. More importantly, the positive effect of ESOs on risky investments is observed when CEOs` personal risk-aversion is taken into account. Third, accounting performance responds positively to the risky, option-induced investment, but the dynamic effect lasts only for one year. Meanwhile, when managers undertake more risky investments than what ESOs imply, accounting performance responds negatively to the over-investment.
    Relation: Journal of Corporate Finance, 16 (1),88-103
    Data Type: article
    DOI link: http://dx.doi.org/10.1016/j.jcorpfin.2009.10.001
    DOI: 10.1016/j.jcorpfin.2009.10.001
    Appears in Collections:[Department of Finance] Periodical Articles

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