Stock Options and Chief Executive Compensation
作者： Christopher Armstrong , David Larcker , Che-Lin Su
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摘要: Although stock options are commonly observed in chief executive officer (CEO) com- pensation contracts, there is theoretical controversy about whether part of the optimal contract. Using a sample Fortune 500 companies, we solve an agency model calibrated to company-specifc data and find that almost always This result robust alternative assumptions level CEO risk-aversion disutility associated with their effort. In supplementary analysis, for contract when no restrictions on space. We (which characterized as state-contingent payoff CEO) typically has option-like features over most probable range outcomes.
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