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

共 42 条

[31] Out of control or right on the money? Funder self-efficacy and crowd bias in equity crowdfunding
Stevenson, Regan M.
Ciuchta, Michael P.
Letwin, Chaim
Dinger, Jenni M.
Vancouver, Jeffrey B.
[J]. JOURNAL OF BUSINESS VENTURING, 2019, 34 (02) : 348 - 367
[32] Is Private Equity Out of Control in Latin America? The Impact of Structures on Private Equity Transactions in Latin America 1988-2007
Charvel, Roberto
[J]. JOURNAL OF PRIVATE EQUITY, 2009, 13 (01): : 80 - 88
[33] Transitions from Private to Public Health Coverage among Children: Estimating Effects on Out-of-Pocket Medical Costs and Health Insurance Premium Costs
Shaefer, H. Luke
Grogan, Colleen M.
Pollack, Harold A.
[J]. HEALTH SERVICES RESEARCH, 2011, 46 (03) : 840 - 858
[34] Beijing's Nuclear Option Why a US-Chinese War Could Spiral Out of Control
Talmadge, Caitlin
[J]. FOREIGN AFFAIRS, 2018, 97 (06) : 44 - 50
[35] Thinking out loud - Development of private speech and the implications for school success and self-control
Bailey, BA
Brookes, C
[J]. YOUNG CHILDREN, 2003, 58 (05): : 46 - +
[36] Do public health interventions crowd out private health investments? Malaria control policies in Eritrea
Armand, Alex
Carneiro, Pedro
Locatelli, Andrea
Mihreteab, Selam
Keating, Joseph
[J]. LABOUR ECONOMICS, 2017, 45 : 107 - 115
[37] Halliburton's Army: The Long, Strange Tale of a Private, Profitable and Out of Control Texas Oil Company
Burgess, Edwin B.
[J]. LIBRARY JOURNAL, 2009, 134 (02) : 83 - 83
[38] Out of control: profit-seeking behaviour, unnecessary medical procedures and rising costs of private medical care in South Africa
Choonara, Shakira
Eyles, John
[J]. BMJ GLOBAL HEALTH, 2016, 1 (01):
[39] Two quality control exercises involving nucleic acid amplification methods for detection of Mycoplasma pneumoniae and Chlamydophila pneumoniae and carried out 2 years apart (in 2002 and 2004)
Loens, K
Beck, T
Ursi, D
Pattyn, S
Goossens, H
Ieven, M
[J]. JOURNAL OF CLINICAL MICROBIOLOGY, 2006, 44 (03) : 899 - 908
[40] CASE-CONTROL STUDY ON RISK FACTORS FOR CANCER FROM THE EPIDEMIOLOGICAL SURVEY CARRIED OUT ON BENEFICIARIES OF A PRIVATE HEALTH CARE PLAN IN BRAZIL: 10 YEARS OF FOLLOW-UP
Reis Neto, J. P.
Busch, J. M.
Stefani, S.
[J]. VALUE IN HEALTH, 2017, 20 (09) : A496 - A496

← 1 2 3 4 5 →