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    National Tsing Hua University Institutional Repository > 科技管理學院  > 計量財務金融學系 > 會議論文 >  The Pricing And Determinants Of The Discretionary Component Of Employee Stock Option Value


    Please use this identifier to cite or link to this item: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/62040


    Title: The Pricing And Determinants Of The Discretionary Component Of Employee Stock Option Value
    Authors: Kuo, Chii Shyan
    教師: 郭啟賢
    Date: 2008
    Publisher: American Anthropological Association
    Relation: 2008. AAA Annual Meeting, Anaheim CA, USA. 2008 International Accounting Academia Conference in Taiwan,American Anthropological Association,2008
    Keywords: ESO
    Discretionary
    Pricing
    Abstract: In this study, I first re-examine the pricing effect of employee stock option (ESO) value. I find a negative association between ESO value and share price, supporting the view that investors view ESO value as an expense of the firm. Further, I find a negative relation between the nondiscretionary component of ESO value (i.e., the expected ESO value) and stock price; this finding indicates that markets view the full ESO value as well as the nondiscretionary component of ESO value as an expense of the firm. Additionally, I find the discretionary component of ESO value (i.e., the unexpected ESO value) is also negatively associated with stock price; this finding suggests that markets price the discretionary component of ESO value as well. Further, I find a positive association between stock price and understatement of ESO value.
    URI: https://dspace.uta.edu/bitstream/handle/10106/627/umi-uta-1655.pdf?sequence=1
    www.aaanet.org/
    http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/62040
    Appears in Collections:[計量財務金融學系] 會議論文

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