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| Author: | Bergman, N.K. Jenter, D. |
| Title: | Employee sentiment and stock option compensation |
| Journal: | Journal of Financial Economics
2007 : JUN, VOL. 84:3, p. 667-712 |
| Index terms: | employees stock options compensation equities |
| Language: | eng |
| Abstract: | This study analyzes whether the popularity of option compensation (hereafter as: opt-comp.) may be driven by employee optimism (here as: empl-opt). It is shown that optimism by itself is insufficient to make opt-comp. optimal. The crucial insight is that firms compete with financial markets as suppliers of equity to employees and that employees' access to the equity market restricts firms' ability to profit from empl-opt. etc. |
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