کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959912 929387 2007 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Executive stock options and IPO underpricing
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Executive stock options and IPO underpricing
چکیده انگلیسی

In about one-third of US IPOs between 1996 and 2000, executives received stock options with an exercise price equal to the IPO offer price rather than a market-determined price. Among firms with such “IPO options”, 58% of top executives realize a net benefit from underpricing: the gain from the options exceeds the loss from the dilution of their pre-IPO shareholdings. If executives can influence either the IPO offer price or the timing and terms of their stock option grants, there should be a positive relation between IPO option grants and underpricing. We find no evidence of such a relation. Our results contrast sharply with the emerging literature on managerial self-dealing at shareholder expense.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 85, Issue 1, July 2007, Pages 39–65
نویسندگان
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