| dc.contributor | 財管系 | en_US |
| dc.creator (作者) | 陳嬿如 | zh_TW |
| dc.creator (作者) | Chen, Y.R.;B.S. Lee | en_US |
| dc.date (日期) | 2010.02 | en_US |
| dc.date.accessioned | 22-Oct-2014 12:26:25 (UTC+8) | - |
| dc.date.available | 22-Oct-2014 12:26:25 (UTC+8) | - |
| dc.date.issued (上傳時間) | 22-Oct-2014 12:26:25 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/70692 | - |
| dc.description.abstract (摘要) | We investigate the determinants of executive stock options (ESOs) and their impact on risky investment and subsequent firm performance in a dynamic setting. We find that, first, the dynamic response of ESOs to growth opportunity and risk is positive and lasts for two to three years. Second, the dynamic response of risky investments to option compensation is positive but converges to zero after three years. More importantly, the positive effect of ESOs on risky investments is observed when CEOs` personal risk-aversion is taken into account. Third, accounting performance responds positively to the risky, option-induced investment, but the dynamic effect lasts only for one year. Meanwhile, when managers undertake more risky investments than what ESOs imply, accounting performance responds negatively to the over-investment. | en_US |
| dc.format.extent | 551339 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Journal of Corporate Finance, 16 (1),88-103 | en_US |
| dc.subject (關鍵詞) | Executive stock options; Growth opportunity; Capital investment and performance; Dynamic analysis | en_US |
| dc.title (題名) | A Dynamic Analysis of Executive Stock Options: Determinants and Consequences | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1016/j.jcorpfin.2009.10.001 | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/j.jcorpfin.2009.10.001 | en_US |
