Should there exist secondary markets for executive stock options?

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling. We investigate two personal motives of managers that can be assumed to affect their optimal selling decision, that is, managers' personal portfolio management issues and the use of inside information. We explore these motives by analyzing unique data from Finland, where there are secondary markets for ESOs. The results of the study support the traditional portfolio diversification hypothesis according to which managers tend to sell their ESOs when holding an ESO is equivalent to holding the underlying stock; that is, in such a case a manager's wealth is closely tied to the stock price of the firm. With respect to the use of inside information the results indicate that ESO selling activity is not related to future stock price behaviour, suggesting that managers do not use inside information to determine the selling time of their ESOs. These results imply that the existence of secondary markets for ESOs does not weaken the usefulness of ESOs as the management compensation, although the benefits of such markets are evident.     

神秘座椅

一别指望像OMA这样的建筑巨头会去加泰罗尼亚这样名不见经传的巴塞罗那北部村庄买家具.但是当Rem Koolhaas办公室为最近的项目需要配置一种特殊的座椅时,泰罗尼亚村庄成了他们的目的地.因为泰罗尼亚的Figueras,专业为礼堂,剧院,会议中心以及其他公共室内场所定制座椅.OMA受委托要为纽约州伊斯卡的康奈尔大学设计新建筑.Milstein Hall大胆地将三座独立的建筑用高架14,000平方米的玻璃封闭结构连接,这一设计被形容为\"适度设计,精细搭建\".该建筑分为学生区,工作区和会议室,成为康奈尔大学建筑艺术学院的区域.会议室有两个基础功能:教学以及学校管委会的会议场所.正是出于会议室的双功能要求,OMA向Figueras定制灵活座椅.     

5 HOURS·伦敦

作为全球最知名的首都,伦敦却往往叫人无从着手,选择多得让人崩溃;再考虑到这里繁忙的交通,先在机场便准备好一张内有5英镑的OysterCard,你会省却在地铁站买票的烦恼和时间。     

柔软

日本时装设计师Ken Okada的精品店坐落在别致和优雅的巴黎第七区.虽然店面低调谨慎,只有紧凑的50平方米空间,但其采用新颖的茧状的内饰,足以抓住路人的目光,它对于进店的客人来说绝对是一个惊喜.Okada的服装只限女式衬衫,拥有复杂和细致的剪裁,非常柔软而女性化.这家商店的内部由建筑师Fran(c)ois Roche设计,也充分体现了Okada自己的创作风格.Roche用层层叠叠的棉布填满了空间,剪裁成洞穴一般,不予缝合,形同半成品.透明薄纱的景观传达出Okada本人的精妙气质,同时也区分了精品店内不同的功能区域.     

河北省金融机构金融创新对策研究

创新是金融业发展的动力。河北省是一个经济大省,但称不上是一个经济强省,更不是一个金融强省,只有通过不 断的金融创新,才能推动河北金融业快速健康的发展。本课题组通过对河北省各金融企业的深入调查,发现在金融创新方面 做得很不够,问题很多,在深入分析的基础上我们提出一些建议。     

我为什么离开高盛

今天是我在高盛的最后一天。我在高盛工作了12年,在这里我工作了足够长时间,能够理解其文化发展轨迹,理解其员工和身份。说实话,现在的环境是我见过的最有毒和最破坏性的。     

After-market liquidity and IPOs underpricing： Evidence from Shari＇ah and non Shari＇ah-based firms

The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.