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Title: Incentive Effect for Performance-Vested Employee Stock Options
Authors: Yueh-Neng Lin
I-Doun Kuo
Contributors: 國立臺灣海洋大學:航運管理學系
Date: 2007
Issue Date: 2019-06-14T08:46:14Z
Publisher: International Research Journal of Finance and Economics
Abstract: Abstract: The study evaluates the employees' stock options (ESOs) with performance-vested conditions as a forward-start up-and-in American-style barrier option. Empirical comparisons between performance-vested options and traditional stock options are investigated using the sample of Taiwanese companies. Specifically, this study analyzes the impact of the ESOs on the value and incentives to increase stock price and risk-taking. Though performance-vested characteristics link employees' wealth with company performance, it makes the valuation more difficult than traditional stock options. The performance-vested conditions are represented as some barriers that the holders must achieve to make granted options exercisable. The results show that performance-vested ESOs actually have a 21.28% average discount in the value and contain more incentives than they appear under traditional ESOs. In addition, the electronic firms are found to have stronger incentives to increase stock price and risk than the financial holding firms in Taiwan.
Appears in Collections:[Department of Shipping and Transportation Management] Periodical Articles

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