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Employee stock option design and val...

Wu, Yan.

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Employee stock option design and valuation.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Employee stock option design and valuation./
Author:	Wu, Yan.
Description:	95 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3001.
Contained By:	Dissertation Abstracts International64-08A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NQ81621
ISBN:	0612816214

Employee stock option design and valuation.
Wu, Yan.

Employee stock option design and valuation. - 95 p.

Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3001.

Thesis (Ph.D.)--Simon Fraser University (Canada), 2003.

Despite the original purpose of using stock options to align the manager's interests with the shareholders', contrary evidence from the practice is undeniable. The efficacy of employee stock options (ESOs) and the appropriateness of their accounting treatment have received a great deal of attention with the recent breakout of several corporate scandals.

ISBN: 0612816214Subjects--Topical Terms:

1017424
Economics, General.

Employee stock option design and valuation.
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020 $a 0612816214
035 $a (UnM)AAINQ81621
035 $a AAINQ81621
040 $a UnM $c UnM
100 1 $a Wu, Yan. $3 1682988
245 1 0 $a Employee stock option design and valuation.
300 $a 95 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3001.
500 $a Adviser: Robert Jones.
502 $a Thesis (Ph.D.)--Simon Fraser University (Canada), 2003.
520 $a Despite the original purpose of using stock options to align the manager's interests with the shareholders', contrary evidence from the practice is undeniable. The efficacy of employee stock options (ESOs) and the appropriateness of their accounting treatment have received a great deal of attention with the recent breakout of several corporate scandals.
520 $a Driven by the need for a more thorough understanding of ESO's incentive effects, as well as the technical valuation requirement of the impending ESOs accounting regulation reform, this thesis investigates what form of executive compensation package maximizes share price, values the cost of ESOs and repriceable ESOs. The thesis contains three essays.
520 $a Chapter 2 analyzes the optimum executive compensation package to maximize share price. It incorporates the incentive effects of executive compensation on the price dynamics of the firm's shares by allowing the effort of the manager to affect the expected growth rate of firm profit. A closed form solution for the resulting share price is derived. A number of important insights into the optimum structure of executive compensation packages are provided.
520 $a Chapter 3 examines how the value of ESOs is influenced by their special features. The Crank-Nicholson numerical method is used to solve for the value of ESOs. The result is consistent with the findings that ESOs are worth less than the Black-Scholes formula value. The analysis demonstrates that the option holder can rationally exercise the option early even when the underlying stock pays no dividend. The model also provides results on the expected exercise time of ESOs and the expected exercise price relative to strike price.
520 $a Chapter 4 assesses the cost of repriceable ESOs. Numerical analysis is used to explore the associated early exercise pattern and examine how single or multiple resetting affects the value of ESOs. Valuation models of Chapter 3 and 4 are proposed as alternatives to the Black-Scholes and Barrier Option pricing formula for measuring the cost of ESOs for accounting and regulatory purposes.
590 $a School code: 0791.
650 4 $a Economics, General. $3 1017424
690 $a 0501
710 2 0 $a Simon Fraser University (Canada). $3 1020621
773 0 $t Dissertation Abstracts International $g 64-08A.
790 1 0 $a Jones, Robert, $e advisor
790 $a 0791
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NQ81621