Consistent with predictions of agency theory, we find direct evidence that executive stock option grants have value implications
for firm performance. This inference is drawn from evaluation of various motivations for the use of such grants in executive
compensation: value enhancement, risk taking, tax benefit, signaling and cash conservation. We find consistent evidence for
the value enhancement motivation to reduce agency costs. As well, they signal for positive price sensitive information. Our
results reject the tax benefit and cash conservation motivations. This finding is robust after controlling for the endogenous
character of executive stock option grants and other equity-based grants.
JEL Classification G32 • J33 • M52 相似文献
This study examines the effect of CEO ownership on firm performance. The findings suggest that CEO ownership and firm performance are jointly determined. Firm performance affects CEO ownership positively and in turn, CEO ownership has a positive effect on firm performance. Our results also show that firms managed by founder CEOs have better performance and that the CEO duality structure is beneficial in a turbulent environment. 相似文献
Mohamed Ariff and Hal Hill, Export-Oriented Industrialisation: The ASEAN Experience, Sydney: Allen and Unwin, 1985, pp. 270. Aus$ 19.95
David Lim (ea.), ASEAN-Australian Trade in Manufactures, Melbourne: Longman Cheshire, 1985, pp. xii + 263
Kathryn May Robinson, Stepchildren of Progress: The Political Economy of Development in an Indonesian Mining Town, Albany: State University of New York Press, 1986, pp. xvi + 315.
Gillian Hart, Power, Labor and Livelihood: Processes of Change in Rural Java, Berkeley: University of California Press, 1986, pp. xvi + 228. US$ 30.00
Walter P. Falcon, William O. Jones, Scott R. Pearson and others, The Cassava Economy of Java, Stanford: Stanford University Press, 1984, pp.xvii + 212. $US 38.50.
Randolph Barker, Robert W. Herdt with Beth Rose, TheRice Economy of Asia, Washington, D.C.: Resources for the Future, 1985, pp. xx + 324 $US 30 (hardcover), $US 12 (paper).
C.W. Watson, Kerinci: Two Historical Studies, Canterbury: University of Kent, Centre of South-cast Asian Studies Occasional Paper No.3, 1984, pp.63.
Asia Pacific Report: Trends, Issues, Challenges, Honolulu: East-West Center, University of Hawaii, 1986, pp. x + 104.
B.L. Greenshields and M.A. Bellamy (eds), Rural Development, Growth and Inequity, International Association of Agricultural Economists Occasional Paper No. 3, Aldershot: Gower, 1983, pp.viii + 312.
Masami Mizuno, Population Pressure and Peasant Occupations in Rural Central Java, Canterbury: University of Kent, Centre of South-east Asian Studies Occasional Paper No. 4, 1985, pp.71. 相似文献
The primary objective of this article is to investigate volatility transmission across three parallel markets operating on the Sydney Futures Exchange (SFE), both within and out of sample. Half-hourly observations are sampled from transaction data for the share price index (SPI) futures, SPI futures options, and 90-day bank accepted bill (BAB) futures markets, and the analysis is carried out using the simultaneous volatility (SVL) system of equations as well as competing volatility models. The results confirm the poor ability of GARCH models to fit intraday data. This study also applies an artificial nesting procedure to evaluate the out-of-sample volatility forecasts. Implied volatility has very limited (if any) predictive power when evaluated in isolation, whereas the SVL model with implied volatility embedded provides incremental information relative to competing model forecasts. 相似文献
This paper examines the predictive value of earnings, operating cash flows and accruals in Hong Kong, Malaysia, Singapore and Thailand for the period 1994–2001. We also examine the impact of the Asian financial crisis of 1997 on the predictive power of the accounting performance measures. We regress future cash flows and future excess returns on earnings (or cash flows and accruals) for the periods 1994–1996 (pre‐crisis period), 1997–1998 (crisis period) and 1999–2001 (post‐crisis period). Our findings indicate that the accounting measures have explanatory power for 1‐year ahead cash flows. Our analyses of 1‐year ahead excess returns indicate that investors may have undervalued the accounting measures in the pre‐ and post‐crisis periods, and overvalued the measures during the crisis period. 相似文献
We examine whether systematic higher moments capture beta asymmetry in an asset pricing model whereby the conditional beta of a risky asset increases (decreases) during a bear (bull) market state. We first provide a simple conceptual outline from the microeconomic literature to show that beta asymmetry is driven by time‐varying higher‐order risk preferences (prudence and temperance) across different market states. We then empirically relate these higher‐order risk preferences to systematic skewness and systematic kurtosis. We find that beta asymmetry in Australian stock returns cannot be explained by Carhart (1997) 4‐factor model but is subsumed by systematic higher moments. 相似文献