Druck auf Anfrage Neuware - Printed after ordering - Does repricing of executive stock options, i.e. the practice of lowering the exercise price when options are out-of-the-money unfairly reward managers for poor performance and thereby undermine incentives set by the compensation contract In a study that compares the pay package containing repriced option with an otherwise adjusted package it is shown that repricing is not more expensive to shareholders than otherwise adjusting non-option compensation components. However, the package containing repriced options provides significantly stronger incentives. Furthermore, a policy that constrains the board of directors from repricing does not have significant effects on shareholders' returns.; Dissertationsschrift.

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Bibliographic Details

Title: Costs and Incentive Effects of Stock Option Repricing
Publisher: Peter Lang
Publication Date: 2004
Language: English
ISBN 10: 3631524013
ISBN 13: 9783631524015
Binding: Taschenbuch
Condition: Neu
Dimensions: 210 millimeters width by 148 millimeters height by 13 millimeters depth
Weight: 320 grams

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Synopsis

Does repricing of executive stock options, i.e. the practice of lowering the exercise price when options are out-of-the-money unfairly reward managers for poor performance and thereby undermine incentives set by the compensation contract? In a study that compares the pay package containing repriced option with an otherwise adjusted package it is shown that repricing is not more expensive to shareholders than otherwise adjusting non-option compensation components. However, the package containing repriced options provides significantly stronger incentives. Furthermore, a policy that constrains the board of directors from repricing does not have significant effects on shareholders’ returns.

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