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- W564306049 abstract "In this paper I investigate the exercise policy, and the market reaction to that, of the executive stock option holders in Finland. The empirical tests are conducted with aggregated firm level data from 34 firms and 41 stock option programs. No continuous relationship can be documented between relative time-value lost, exercised fraction and the subsequent market reaction. However, a closer examination of subsequent abnormal return and the fraction exercised reveals that there is some evidence of that subsequent abnormal returns are on average smaller in the sample with the largest exercise fraction as compared to the smallest exercises. This finding is supported by the hypothesis that positive price-relevant private information is the only attribute that could delay the exercise of the options. Furthermore, I find some evidence of an inverse relation between exercise intensity and future abnormal return. JEL classification: G30, G39, G14" @default.
- W564306049 created "2016-06-24" @default.
- W564306049 creator A5029074394 @default.
- W564306049 date "2002-08-11" @default.
- W564306049 modified "2023-09-23" @default.
- W564306049 title "ESSAYS ON STOCK OPTIONS, INCENTIVES, AND MANAGERIAL ACTION" @default.
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