Executive compensation and company valuation

A Schueler - Abacus, 2021 - Wiley Online Library
In the literature, the integration of the cash and risk effects of executive compensation into
company valuation is discussed only marginally. This paper addresses the question of how …

[PDF][PDF] New data for answering old questions regarding employee stock options

KF Hallock, CA Olson - Labor in the new economy, 2010 - nber.org
4.1 Background An employee stock option is the right an employee has to buy a share of
stock at a set price at some time in the future, subject to vesting and other provisions. The …

Using auctions to price employee stock options: the case of Zions Bancorporation ESOARS

SC Mazumdar, V Nanda, R Surana - Financial Analysts Journal, 2009 - Taylor & Francis
The first empirical analysis of Zions Bancorporation's 2006 and 2007 auctions of Employee
Stock Option Appreciation Rights Securities (ESOARS), this study examined (1) the impact …

An expanded model for the valuation of employee stock options

FY Liao, YD Lyuu - Journal of Futures Markets: Futures, Options …, 2009 - Wiley Online Library
The unique characteristics of employee stock options make straightforward applications of
traditional option pricing models questionable. This study extends the standard pricing …

Non-marketability and the value of employee stock options

M Abudy, S Benninga - Journal of Banking & Finance, 2013 - Elsevier
We adapt the Benninga et al.(2005) framework to value employee stock options (ESOs). The
model quantifies non-diversification effects, is computationally simple, and provides an …

Managing Employee Stock Option Expense: A Fair Value Approach

MC Wu, IC Lin, YT Huang - Australian Accounting Review, 2016 - Wiley Online Library
Owing to special characteristics, classic option pricing models are not well suited to the
valuation of employee stock options (ESOs). This paper attempts to conduct a more general …

Stock option expense management after SFAS 123R

J Efendi, LC Jennifer Ho, J J. Tsay… - Review of Accounting and …, 2014 - emerald.com
Purpose–The purpose of this paper is to examine whether firms manage the total value of
stock option grants downward after the implementation of Statement of Financial Accounting …

[BOOK][B] Non-Marketability and the Value of Equity Based Compensation

M Abudy, S Benninga - 2010 - Citeseer
This paper uses the Benninga-Helmantel-Sarig (2005) framework to value equity based
compensation (employee stock options (ESOs) and restricted stocks units (RSU)) in a …

[PDF][PDF] Modifying the Black-Scholes-Merton model to calculate the cost of employee stock options

J Finnerty, LLC Finnerty Economic Consulting - 2009 - Citeseer
Most public firms still use the Black-Scholes-Merton (BSM) model and simply adjust the time
to expiration to calculate the cost of their ESOs for financial reporting purposes. I modify the …

[PDF][PDF] Diagnostics and pricing models of employee stock options

B Andreaus, D Sornette, M Troendle - Masterthesis at ETH Zürich, 2010 - researchgate.net
In this report, we analyze the employee stock option (ESO) program of the company
INFICON Holding AG in terms of the optionees' exercise behavior, the expected lifetime of …