Out-of-the-Money CEOs: Private Control Premium and Option Exercises

被引：19

作者：

Fos, Vyacheslav ^{[1
]}

Jiang, Wei ^{[2
]}

机构：

[1] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02167 USA

[2] Columbia Univ, Grad Sch Business, 3022 Broadway,Uris Hall 803, New York, NY 10027 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2016年 / 29卷 / 06期

关键词：

CORPORATE GOVERNANCE; VOTING-RIGHTS; STOCK-OPTIONS; MARKET VALUE; INFORMATION; BENEFITS; OVERCONFIDENCE; VALUATION; MODEL;

D O I：

10.1093/rfs/hhv068

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

When a proxy contest is looming, the rate at which CEOs exercise options to sell (hold) the resulting shares slows down by 80% (accelerates by 60%), consistent with their desire to maintain or strengthen voting rights when facing challenges. Such deviations are closely aligned with features unique to proxy contests, such as the record dates and nomination status, and are more pronounced when the private benefits are higher or when the voting rights are more crucial. The distortions suggest that incumbents value their stocks higher than the market price when voting rights are valuable for defending control.

引用

页码：1549 / 1585

页数：37

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