Costs and Incentive Effects of Stock Option Repricing
Book Details
Format
Paperback / Softback
ISBN-10
3631524013
ISBN-13
9783631524015
Publisher
Peter Lang GmbH
Imprint
Peter Lang GmbH
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Apr 1st, 2004
Print length
236 Pages
Weight
324 grams
Dimensions
15.00 x 21.00 x 1.40 cms
Product Classification:
Economic theory & philosophyBusiness studies: generalManagement & management techniques
Ksh 8,500.00
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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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