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Why do some firms give stock options to all employees?: An empirical examination of alternative theories

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Author Info
Oyer, Paul
Schaefer, Scott

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Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 76 (2005)
Issue (Month): 1 (April)
Pages: 99-133
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Handle: RePEc:eee:jfinec:v:76:y:2005:i:1:p:99-133

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Holmstrom, Bengt & Milgrom, Paul, 1987. "Aggregation and Linearity in the Provision of Intertemporal Incentives," Econometrica, Econometric Society, vol. 55(2), pages 303-28, March. [Downloadable!] (restricted)
    Other versions:
  2. Huddart, Steven & Lang, Mark, 1996. "Employee stock option exercises an empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 21(1), pages 5-43, February. [Downloadable!] (restricted)
  3. Hall, Brian J. & Murphy, Kevin J., 2002. "Stock options for undiversified executives," Journal of Accounting and Economics, Elsevier, vol. 33(1), pages 3-42, February. [Downloadable!] (restricted)
    Other versions:
  4. Paul Oyer, 2004. "Why Do Firms Use Incentives That Have No Incentive Effects?," Journal of Finance, American Finance Association, vol. 59(4), pages 1619-1650, 08. [Downloadable!] (restricted)
    Other versions:
  5. Core, John E. & Guay, Wayne R., 2001. "Stock option plans for non-executive employees," Journal of Financial Economics, Elsevier, vol. 61(2), pages 253-287, August. [Downloadable!] (restricted)
  6. Friend, Irwin & Blume, Marshall E, 1975. "The Demand for Risky Assets," American Economic Review, American Economic Association, vol. 65(5), pages 900-922, December. [Downloadable!] (restricted)
  7. Rajesh K. Aggarwal & Andrew A. Samwick, 1999. "The Other Side of the Trade-off: The Impact of Risk on Executive Compensation," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 65-105, February. [Downloadable!] (restricted)
    Other versions:
  8. Brian J. Hall & Kevin J. Murphy, 2003. "The Trouble with Stock Options," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 49-70, Summer. [Downloadable!] (restricted)
  9. Brian J. Hall & Kevin J. Murphy, 2003. "The Trouble with Stock Options," NBER Working Papers 9784, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Nittai K. Bergman & Dirk Jenter, 2005. "Employee Sentiment and Stock Option Compensation," NBER Working Papers 11409, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Bull, Clive, 1987. "The Existence of Self-Enforcing Implicit Contracts," The Quarterly Journal of Economics, MIT Press, vol. 102(1), pages 147-59, February. [Downloadable!] (restricted)
  12. Canice Prendergast, 2002. "The Tenuous Trade-off between Risk and Incentives," Journal of Political Economy, University of Chicago Press, vol. 110(5), pages 1071-1102, October. [Downloadable!] (restricted)
  13. Scott Keating, A., 1997. "Determinants of divisional performance evaluation practices," Journal of Accounting and Economics, Elsevier, vol. 24(3), pages 243-273, December. [Downloadable!] (restricted)
  14. Barron, John M. & Waddell, Glen R., 2003. "Executive rank, pay and project selection," Journal of Financial Economics, Elsevier, vol. 67(2), pages 305-349, February. [Downloadable!] (restricted)
  15. Aboody, David, 1996. "Market valuation of employee stock options," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 357-391, October. [Downloadable!] (restricted)
  16. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 107-155, February. [Downloadable!] (restricted)
    Other versions:
  17. Huddart, Steven & Lang, Mark, 2003. "Information distribution within firms: evidence from stock option exercises," Journal of Accounting and Economics, Elsevier, vol. 34(1-3), pages 3-31, January. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chilosi, Alberto & Damiani, Mirella, 2007. "Stakeholders vs. shareholders in corporate governance," MPRA Paper 2334, University Library of Munich, Germany. [Downloadable!]
  2. Lazear, Edward P., 2003. "Output-Based Pay: Incentives, Retention or Sorting?," IZA Discussion Papers 761, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Inderst, Roman & Mueller, Holger M, 2005. "Benefits of Broad-based Option Pay," CEPR Discussion Papers 4878, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Cécile Cézanne-Sintès, 2008. "Modern Corporate Changes: Reinstating the Link between the Nature, Boundaries and Governance of the Firm," Post-Print hal-00367732_v1, HAL. [Downloadable!]
  5. Nittai K. Bergman & Dirk Jenter, 2005. "Employee Sentiment and Stock Option Compensation," NBER Working Papers 11409, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Robert A. J. Dur & Amihai Glazer, 2004. "Optimal Incentive Contracts For a Worker Who Envies His Boss," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  7. Gil, Ricard, 2006. "Renegotiation, Learning and Relational Contracting," CEI Working Paper Series 2005-14, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  8. Douglas L. Kruse & Joseph R. Blasi & Rhokeun Park, 2008. "Shared Capitalism in the U.S. Economy? Prevalence, Characteristics, and Employee Views of Financial Participation in Enterprises," NBER Working Papers 14225, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Jean-Etienne De Bettignies & Gilles Chemla, 2008. "Corporate Venturing, Allocation of Talent, and Competition for Star Managers," Post-Print halshs-00365942_v1, HAL. [Downloadable!]
  10. Hillegeist, Stephen A. & Peñalva, Fernando, 2004. "Stock option incentives and firm performance," IESE Research Papers D/535, IESE Business School. [Downloadable!]
  11. Wang, Jun & Zhang, Ge, 2003. "Heterogeneous beliefs and employee stock options," Working Papers 2003-14, University of New Orleans, Department of Economics and Finance. [Downloadable!]
  12. Fredrik Andersson & Matthew Freedman & John C. Haltiwanger & Julia Lane & Kathryn L. Shaw, 2006. "Reaching for the Stars: Who Pays for Talent in Innovative Industries?," NBER Working Papers 12435, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. Paul Oyer & Scott Schaefer, 2004. "Compensating Employees Below the Executive Ranks: A Comparison of Options, Restricted Stock, and Cash," NBER Working Papers 10221, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Oyer, Paul & Schaefer, Scott, 2005. "Accounting, Governance, and Broad-Based Stock Option Grants," Research Papers 1821r1, Stanford University, Graduate School of Business. [Downloadable!]
  15. Olivier Sautel & Cécile Cézanne-Sintès, 2007. "Firme intensive en capital humain et coordination : vers une redéfinition du rapport entre intégration et dé-intégration," Post-Print hal-00331454_v1, HAL. [Downloadable!]
  16. Zhang, Ge, 2004. "Market valuation and employee stock options," Working Papers 2003-13, University of New Orleans, Department of Economics and Finance. [Downloadable!]
  17. Hvide, Hans K, 2005. "The Quality of Entrepreneurs," CEPR Discussion Papers 4979, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  18. Orana Bandiera & Iwan Barankay & Imran Rasul, 2006. "Incentives for Managers and Inequality Among Workers: Evidence from a Firm Level Experiment," Natural Field Experiments 0015, The Field Experiments Website. [Downloadable!]
    Other versions:
  19. Robert Dur & Amihai Glazer, 2004. "Optimal Incentive Contracts when Workers envy their Boss," Tinbergen Institute Discussion Papers 04-046/1, Tinbergen Institute, revised 13 Jun 2006. [Downloadable!]
  20. Hvide, Hans K., 2004. "Firm Size and the Quality of Entrepreneurs," Discussion Papers 2004/9, Department of Finance and Management Science, Norwegian School of Economics and Business Administration. [Downloadable!]
  21. Guido Friebel & Sergei Guriev, 2004. "Earnings Manipilation and Incentives in Firms," Working Papers w0055, Center for Economic and Financial Research (CEFIR), revised Oct 2005. [Downloadable!]
    Other versions:
  22. Derek C. Jones & Panu Kalmi & Mikko Mäkinen, 2004. "The Determinants of Stock Option Compensation: Evidence from Finland," Discussion Papers 957, The Research Institute of the Finnish Economy. [Downloadable!]
  23. Kevin F. Hallock & Craig Olson, 2006. "The Value of Stock Options to Non-Executive Employees," NBER Working Papers 11950, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  24. Peter Roosenboom & Tjalling van der Goot, 2006. "Broad-based employee stock options grants and IPO firms," Applied Economics, Taylor and Francis Journals, vol. 38(12), pages 1343-1351, July. [Downloadable!] (restricted)
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