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Psychological Factors And Stock Option Exercise

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Author Info
Chip Heath
Steven Huddart
Mark Lang

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Abstract

We investigate stock option exercise decisions by over 50,000 employees at seven corporations. Controlling for economic factors, psychological factors influence exercise. Consistent with psychological models of beliefs, employees exercise in response to stock price trends - exercise is positively related to stock returns during the preceding month and negatively related to returns over longer horizons. Consistent with psychological models of values that include reference points, employee exercise activity roughly doubles when the stock price exceeds the maximum price attained during the previous year. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 114 (1999)
Issue (Month): 2 (May)
Pages: 601-627
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Handle: RePEc:tpr:qjecon:v:114:y:1999:i:2:p:601-627

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This page was last updated on 2009-11-16.

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