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| Author: | Chance, D.M. Kumar, R. Todd, R.B. |
| Title: | The "repricing" of executive stock options |
| Journal: | Journal of Financial Economics
2000 : JUL, VOL. 57:1, p. 129-154 |
| Index terms: | Executives Incentives Options |
| Language: | eng |
| Abstract: | The authors examine a sample of firms that reset the exercise prices on their executive options. These repricings follow a period of about one year of poor firm-specific performance in which the average firm loses one-fourth of its value. No other offsetting changes to option terms or compensation are made, and many firms reprice more than once. Without repricing, a majority of the options would have been at-the-money within two years. |
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