摘要: This study investigates whether investors incorporate the value of a firm's outstanding employee stock options into its price. I estimate options' for sample firms which fixed exceed 5% common shares in 1988. find negative correlation between and share The is stronger (i) option's intrinsic than time value, (ii) that are later their vesting stage earlier stage, (iii) large small firms. In addition, FASB's method calculating compensation expense has no explanatory power presence this paper's calculation value.
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