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| Tekijä: | Lowry, M. Murphy, K.J. |
| Otsikko: | Executive stock options and IPO underpricing |
| Lehti: | Journal of Financial Economics
2007 : JUL, VOL. 85:1, p. 39-65 |
| Asiasana: | executive remuneration compensation stock options initial public offerings USA |
| Vapaa asiasana: | underpricing |
| Kieli: | eng |
| Tiivistelmä: | In approximately 1/3 of U.S. initial public offerings (or IPOs) from 1996 to 2000, executives (here as: execs.) received stock options (as: s-opts.) with an exercise price equal to the IPO offer price rather than a market-determined price. Among firms with such "IPO options", 58 percent of top execs. realize a net benefit from underpricing (as: u-png). There should be a positive relation btw. IPO option grants and u-png. if execs. can influence either the IPO offer price or the timing and terms of their s-opts. grants. There is found no evidence of such a relation. This study's results contrast sharply with the emerging literature on managerial self-dealing at shareholder expense. |
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