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Do CEO stock options improve firm pe...

Morrissey, Monique Meroe.

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Do CEO stock options improve firm performance?

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Do CEO stock options improve firm performance?/
作者:	Morrissey, Monique Meroe.
面頁冊數:	107 p.
附註:	Chair: Robin Hahnel.
Contained By:	Dissertation Abstracts International63-08A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3062884
ISBN:	0493805893

Do CEO stock options improve firm performance?
Morrissey, Monique Meroe.

Do CEO stock options improve firm performance? - 107 p.

Chair: Robin Hahnel.

Thesis (Ph.D.)--The American University, 2002.

Using panel data to control for CEO, firm, and industry heterogeneity, I measure the impact of CEO stock options on firm performance in the 1990s. I find that lagged stock options significantly increase shareholder returns and net income, more than compensating for the cost of the options. An alternative explanation is that CEOs who are optimistic about firm prospects push for larger option grants. I also find evidence to suggest that CEOs manipulate reported earnings to maximize option payoffs. The results do not seem driven by tax and accounting anomalies. However, they are quite sensitive to outliers, highlighting the need for further research.

ISBN: 0493805893Subjects--Topical Terms:

626628
Business Administration, Management.

Do CEO stock options improve firm performance?
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520 $a Using panel data to control for CEO, firm, and industry heterogeneity, I measure the impact of CEO stock options on firm performance in the 1990s. I find that lagged stock options significantly increase shareholder returns and net income, more than compensating for the cost of the options. An alternative explanation is that CEOs who are optimistic about firm prospects push for larger option grants. I also find evidence to suggest that CEOs manipulate reported earnings to maximize option payoffs. The results do not seem driven by tax and accounting anomalies. However, they are quite sensitive to outliers, highlighting the need for further research.
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