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Valuing stock options from the emplo...

The University of Chicago.

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Valuing stock options from the employee's perspective.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Valuing stock options from the employee's perspective./
作者:	Massey, Byrom Cade.
面頁冊數:	135 p.
附註:	Adviser: Richard H. Thaler.
Contained By:	Dissertation Abstracts International64-04A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3088771

Valuing stock options from the employee's perspective.
Massey, Byrom Cade.

Valuing stock options from the employee's perspective. - 135 p.

Adviser: Richard H. Thaler.

Thesis (Ph.D.)--The University of Chicago, 2003.

I investigate the value individuals place on employee stock options (ESOs) and the determinants of that value. I focus on the role of employee characteristics, including those embedded in normative models as well as those suggested by psychological research.Subjects--Topical Terms:

626628
Business Administration, Management.

Valuing stock options from the employee's perspective.
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300 $a 135 p.
500 $a Adviser: Richard H. Thaler.
500 $a Source: Dissertation Abstracts International, Volume: 64-04, Section: A, page: 1330.
502 $a Thesis (Ph.D.)--The University of Chicago, 2003.
520 $a I investigate the value individuals place on employee stock options (ESOs) and the determinants of that value. I focus on the role of employee characteristics, including those embedded in normative models as well as those suggested by psychological research.
520 $a In the first chapter, I use data from an internal survey at a Fortune 100 firm to evaluate the distribution of characteristics in the firm's employee population. Survey results provide evidence that individuals exhibit “behavioral” characteristics such as loss aversion and mental accounting. I model the value employees place on ESOs as a function of these employee characteristics. I find strong evidence for some behavioral considerations—loss aversion and narrow bracketing are both reliably associated with lower valuations. I also find strong evidence that valuations are related to normative considerations in the expected manner—valuations are decreasing in risk aversion and increasing in relative stock price expectations.
520 $a In the second chapter, I investigate the determinants of stock option valuation by evaluating employees' decisions to exercise their options. In this study I am particularly interested in the relationship between exercise decisions and previous experience with employee stock options. Using archival data from the same Fortune 100 firm, I evaluate the exercise decisions of 1,083 randomly selected employees over a 5.5-year period. I find that experience, as measured by the number of ESO grants the employee previously received, significantly changes exercise behavior and better predicts exercise behavior than does grade level. Specifically, more-experienced employees show less sensitivity to risk and more sensitivity to normative considerations such as expectations for the company's future stock price and company dividend policy. I also find that an employee's portfolio of vested and unvested options significantly influences exercise decisions.
520 $a Together these studies highlight three aspects of ESO valuation: (1) employees are sensitive to both normative and behavioral factors, (2) there is significant heterogeneity in the employee population, and this heterogeneity is not well predicted by demographic characteristics, and (3) employees' need for liquidity plays an important role.
590 $a School code: 0330.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, General. $3 1017424
650 4 $a Psychology, General. $3 1018034
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710 2 0 $a The University of Chicago. $3 1017389
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790 1 0 $a Thaler, Richard H., $e advisor
791 $a Ph.D.
792 $a 2003
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