Employee stock option programs: individual behavior and corporate governance
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2005
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 162 S. graph. Darst. |
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Datensatz im Suchindex
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| adam_text | Contents
List of Figures xi
List of Tables xii
1 Introduction 1
1.1 Motivation and Definitions 1
1.2 Research Questions, Outline of the Thesis, and Main Results 3
2 A Survey on Employee Stock Options 9
2.1 Introduction 9
2.2 Employee Stock Option Programs From the Perspective of a Firm 10
2.2.1 The Motivation of Firms to Use Employee Stock Options 10
2.2.2 Employee Stock Option Programs and Firm Performance 14
2.2.3 The Costs of Employee Stock Option Programs to Firms 16
2.2.4 The Repricing of Employee Stock Options by Firms 19
2.3 Employee Stock Option Programs From the Perspective of an Employee . . 21
2.3.1 The Valuation of Stock Options by Employees 21
vii
via n/.wx^wu
2.3.2 The Exercise Behavior of Stock Options l y Employees 24
2.3.3 Employee Stock Options, Private Information, anil Manipulation . . 27
2.4 Conclusion 30
3 Stock Options and Employee Behavior 33
3.1 Introduction 33
3.2 Hypotheses and Related Literature 37
3.2.1 Rationality, Psychology and Employee Behavior: Theory and Pre¬
dictions 37
3.2.2 Rationality, Psychology and Employee Behavior: Empirical Evidence 42
3.3 Data Sets and the Stock Option Program 45
3.4 Methodology and Data Description 47
3.5 Empirical Results 54
3.5.1 Descriptive Results 54
3.5.2 Between Group Differences in Individuals Exercise Behavior .... 63
3.5.3 Robustness Checks 68
3.6 Conclusion 70
4 Subjective Stock Option Values and Exercise Decisions: Determinants
and Consistency 73
4.1 Introduction and Motivation 73
4.2 Related Literature 77
4.2.1 Empirical Research on Stock Option Exercise Decisions 77
4.2.2 Empirical Research on Subjective Stock Option Values 79
4.3 The Data Sets, the Company, and the Stock Option Programs 80
4.3.1 The Data Sets and the Company 80
4.3.2 The Stock Option Program 81
4.3.3 The Methodology 82
4.4 Exercise Decisions and Subjective Option Values: Descriptive Results ... 83
4.4.1 Descriptive Statistics on Stock Option Grants and Exercise Patterns 83
4.4.2 Descriptive Results on Subjective Option Values 87
4.4.3 Descriptive Statistics on Individual Characteristics 89
4.5 Exercise Decisions and Subjective Option Values: Determinants and Con¬
sistency 95
4.5.1 Determinants of Exercise Decisions and Subjective Option Values . 95
4.5.2 Intertomporal Consistency of Exercise Decisions 104
4.5.3 Consistency of Exercise Decisions and Subjective Option Values . . 10G
4.6 Conclusion ¦ 108
5 Corporate Governance and the Design of Stock Option Programs 111
5.1 Introduction . Ill
5.2 Related Literature on Self Dealing and Executive Compensation 115
5.3 Economic Recommendations and Hypothesis 118
5.4 Data Sets and Methodology 122
5.4.1 Data Sets 122
5.4.2 Measurement of Variables 123
5.4.3 Methodology 128
5.5 Empirical Results 130
5.5.1 Sample Characteristics 130
5.5.2 Governance Structures and Stock Option Design: Descriptive Resultsl33
5.5.3 Governance Structures and Stock Option Design: Regression Results 136
5.5.4 Robustness Checks 143
5.6 Conclusion 145
Bibliography 147
List of Figures
1.1 Outline of the Thesis 4
3.1 Overview of the ESO Program Structure 47
3.2 Realizations of Transaction Variables 53
5.1 Exercise Pattern over Time (Aktiengesellschaft) 164
5.2 Exercise Pattern over Time (Group) 164
5.3 Distribution of Option Life Sacrificed (g=l) 165
5.4 Distribution of Option Life Sacrificed (g=2) 165
5.5 Exercise Gains and Exercise Behavior (g=l) 166
5.6 Exercise Gains and Exercise Behavior (g=2) 166
5.7 Captured Fair Values and Exercise Behavior (g=l) 167
5.8 Distribution of Subjective Option Values in Euro (g=3) 167
5.9 Differences in Sacrificed Option Lives (g=l and g=2) 168
xi
List of Tables
3.1 Predicted Relationship Between Exercise Behavior and Rational and Psy¬
chological Factors 43
3.2 Definition of Variables 52
3.3 Descriptive Results on Employee Behavior 55
3.4 Cross Tables of Transaction Variables 56
3.5 Descriptive Statistics on Questionnaire Data 59
3.6 Volatility Forecasts 60
3.7 Overconfidence and Optimism Measures: Descriptive Statistics 62
3.8 Between Group Differences: The Exercise Behavior of Employees 64
3.9 Non Response Bias: Respondents vs. Non Respondents 69
4.1 Summary Statistics on Stock Option Grants and Exercise Patterns 84
4.2 Subjective Option Values 88
4.3 Definition of Variables 91
4.4 Descriptive Statistics on Individual Characteristics 93
4.5 Relationship between Measures of Risk Aversion and Loss Aversion .... 94
xiii
4.6 Predicted Relationship between Stock Option Exercise. Subjective Stock
Option Value, and Individual Characteristics
4.7 Correlation Coefficients (Spearman s Rho) betwwn )ption Lives Sacrificed.
Subjective Option Values, and Individual Characteristics
4.8 Determinants of Exercise Decisions and Subjective Option Values 103
4.9 Relationship between Exercise Decisions and Subjective Option Values . . 107
5.1 Definition of Corporate Governance Variables 1
5.2 Summary Statistics of Firm Characteristics 1
5.3 Descriptive Statistics of Corporate Governance Variables I
5.4 ESO Program Index and Subindexes: Summary Statistics !¦
5.5 Examples of ESO Program Features 137
5.6 Correlations between ESO Program Subindexes *
5.7 Relationship between ESO Program Index and Corporate Governance Vari¬
ables: Ordered Response and Linear Regression Models 1
5.8 Relationship between the Modified ESO Program Index and Corporate
Governance Variables: Ordered Response and Linear Regression Models . . 144
|
| adam_txt |
Contents
List of Figures xi
List of Tables xii
1 Introduction 1
1.1 Motivation and Definitions 1
1.2 Research Questions, Outline of the Thesis, and Main Results 3
2 A Survey on Employee Stock Options 9
2.1 Introduction 9
2.2 Employee Stock Option Programs From the Perspective of a Firm 10
2.2.1 The Motivation of Firms to Use Employee Stock Options 10
2.2.2 Employee Stock Option Programs and Firm Performance 14
2.2.3 The Costs of Employee Stock Option Programs to Firms 16
2.2.4 The Repricing of Employee Stock Options by Firms 19
2.3 Employee Stock Option Programs From the Perspective of an Employee . . 21
2.3.1 The Valuation of Stock Options by Employees 21
vii
via n/.wx^wu
2.3.2 The Exercise Behavior of Stock Options l y Employees 24
2.3.3 Employee Stock Options, Private Information, anil Manipulation . . 27
2.4 Conclusion 30
3 Stock Options and Employee Behavior 33
3.1 Introduction 33
3.2 Hypotheses and Related Literature 37
3.2.1 Rationality, Psychology and Employee Behavior: Theory and Pre¬
dictions 37
3.2.2 Rationality, Psychology and Employee Behavior: Empirical Evidence 42
3.3 Data Sets and the Stock Option Program 45
3.4 Methodology and Data Description 47
3.5 Empirical Results 54
3.5.1 Descriptive Results 54
3.5.2 Between Group Differences in Individuals' Exercise Behavior . 63
3.5.3 Robustness Checks 68
3.6 Conclusion 70
4 Subjective Stock Option Values and Exercise Decisions: Determinants
and Consistency 73
4.1 Introduction and Motivation 73
4.2 Related Literature 77
4.2.1 Empirical Research on Stock Option Exercise Decisions 77
4.2.2 Empirical Research on Subjective Stock Option Values 79
4.3 The Data Sets, the Company, and the Stock Option Programs 80
4.3.1 The Data Sets and the Company 80
4.3.2 The Stock Option Program 81
4.3.3 The Methodology 82
4.4 Exercise Decisions and Subjective Option Values: Descriptive Results . 83
4.4.1 Descriptive Statistics on Stock Option Grants and Exercise Patterns 83
4.4.2 Descriptive Results on Subjective Option Values 87
4.4.3 Descriptive Statistics on Individual Characteristics 89
4.5 Exercise Decisions and Subjective Option Values: Determinants and Con¬
sistency 95
4.5.1 Determinants of Exercise Decisions and Subjective Option Values . 95
4.5.2 Intertomporal Consistency of Exercise Decisions 104
4.5.3 Consistency of Exercise Decisions and Subjective Option Values . . 10G
4.6 Conclusion ¦ 108
5 Corporate Governance and the Design of Stock Option Programs 111
5.1 Introduction . Ill
5.2 Related Literature on Self Dealing and Executive Compensation 115
5.3 Economic Recommendations and Hypothesis 118
5.4 Data Sets and Methodology 122
5.4.1 Data Sets 122
5.4.2 Measurement of Variables 123
5.4.3 Methodology 128
5.5 Empirical Results 130
5.5.1 Sample Characteristics 130
5.5.2 Governance Structures and Stock Option Design: Descriptive Resultsl33
5.5.3 Governance Structures and Stock Option Design: Regression Results 136
5.5.4 Robustness Checks 143
5.6 Conclusion 145
Bibliography 147
List of Figures
1.1 Outline of the Thesis 4
3.1 Overview of the ESO Program Structure 47
3.2 Realizations of Transaction Variables 53
5.1 Exercise Pattern over Time (Aktiengesellschaft) 164
5.2 Exercise Pattern over Time (Group) 164
5.3 Distribution of Option Life Sacrificed (g=l) 165
5.4 Distribution of Option Life Sacrificed (g=2) 165
5.5 Exercise Gains and Exercise Behavior (g=l) 166
5.6 Exercise Gains and Exercise Behavior (g=2) 166
5.7 Captured Fair Values and Exercise Behavior (g=l) 167
5.8 Distribution of Subjective Option Values in Euro (g=3) 167
5.9 Differences in Sacrificed Option Lives (g=l and g=2) 168
xi
List of Tables
3.1 Predicted Relationship Between Exercise Behavior and Rational and Psy¬
chological Factors 43
3.2 Definition of Variables 52
3.3 Descriptive Results on Employee Behavior 55
3.4 Cross Tables of Transaction Variables 56
3.5 Descriptive Statistics on Questionnaire Data 59
3.6 Volatility Forecasts 60
3.7 Overconfidence and Optimism Measures: Descriptive Statistics 62
3.8 Between Group Differences: The Exercise Behavior of Employees 64
3.9 Non Response Bias: Respondents vs. Non Respondents 69
4.1 Summary Statistics on Stock Option Grants and Exercise Patterns 84
4.2 Subjective Option Values 88
4.3 Definition of Variables 91
4.4 Descriptive Statistics on Individual Characteristics 93
4.5 Relationship between Measures of Risk Aversion and Loss Aversion . 94
xiii
4.6 Predicted Relationship between Stock Option Exercise. Subjective Stock
Option Value, and Individual Characteristics "'
4.7 Correlation Coefficients (Spearman's Rho) betwwn )ption Lives Sacrificed.
Subjective Option Values, and Individual Characteristics '""
4.8 Determinants of Exercise Decisions and Subjective Option Values 103
4.9 Relationship between Exercise Decisions and Subjective Option Values . . 107
5.1 Definition of Corporate Governance Variables 1'
5.2 Summary Statistics of Firm Characteristics 1
5.3 Descriptive Statistics of Corporate Governance Variables I''
5.4 ESO Program Index and Subindexes: Summary Statistics !¦"
5.5 Examples of ESO Program Features 137
5.6 Correlations between ESO Program Subindexes *
5.7 Relationship between ESO Program Index and Corporate Governance Vari¬
ables: Ordered Response and Linear Regression Models 1
5.8 Relationship between the Modified ESO Program Index and Corporate
Governance Variables: Ordered Response and Linear Regression Models . . 144 |
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| id | DE-604.BV021615158 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:51:58Z |
| indexdate | 2024-07-09T20:39:57Z |
| institution | BVB |
| language | English |
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| spelling | Sautner, Zacharias 1979- Verfasser (DE-588)131681591 aut Employee stock option programs individual behavior and corporate governance Zacharias Sautner 2005 XIV, 162 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Mannheim, Univ., Diss., 2005 Aktienoptionsplan (DE-588)4571063-6 gnd rswk-swf Anlageverhalten (DE-588)4214003-1 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Aktienoptionsplan (DE-588)4571063-6 s Corporate Governance (DE-588)4419850-4 s Anlageverhalten (DE-588)4214003-1 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014830306&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sautner, Zacharias 1979- Employee stock option programs individual behavior and corporate governance Aktienoptionsplan (DE-588)4571063-6 gnd Anlageverhalten (DE-588)4214003-1 gnd Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4571063-6 (DE-588)4214003-1 (DE-588)4419850-4 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Employee stock option programs individual behavior and corporate governance |
| title_auth | Employee stock option programs individual behavior and corporate governance |
| title_exact_search | Employee stock option programs individual behavior and corporate governance |
| title_exact_search_txtP | Employee stock option programs individual behavior and corporate governance |
| title_full | Employee stock option programs individual behavior and corporate governance Zacharias Sautner |
| title_fullStr | Employee stock option programs individual behavior and corporate governance Zacharias Sautner |
| title_full_unstemmed | Employee stock option programs individual behavior and corporate governance Zacharias Sautner |
| title_short | Employee stock option programs |
| title_sort | employee stock option programs individual behavior and corporate governance |
| title_sub | individual behavior and corporate governance |
| topic | Aktienoptionsplan (DE-588)4571063-6 gnd Anlageverhalten (DE-588)4214003-1 gnd Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Aktienoptionsplan Anlageverhalten Corporate Governance Deutschland Hochschulschrift |
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