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Les plans d'option sur actions:théorie et pratique

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Author Info
Philippe Desbrières () (Université de Bourgogne LATEC/FARGO)
Sylvie Saint-Onge
Michel Magnan

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Abstract

Cet article présente une synthèse des travaux théoriques et empiriques consacrés aux stock-options. Il est consacré dans un premier temps aux avantages et inconvénients présumés de ces formules de rémunérations, au sujet des liens entre les plans d'options sur actions et la performance à long terme des firmes, les comportements des salariés (des cadres en particulier), la maîtrise possible de la masse salariale et les risques de dilution du capital. Dans un second temps, en sont précisées les modalités d'application selon les législations en vigueur tant en France qu'en Amérique du Nord, ainsi que stratégies pouvant être adoptées par les détenteurs des options. L'article dresse ensuite un bilan de la fréquence d'implantation des plans d'option sur actions et de leurs caractéristiques en France et en Amérique du Nord. Il poursuit et s'achève sur une synthèse des travaux de recherche ayant analysé l'efficacité et les conditions de succès des stock-options.

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File URL: http://www.u-bourgogne.fr/LEG/WP/1000102.pdf
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Publisher Info
Paper provided by Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number 1000102.

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Length: 29 pages
Date of creation: Jan 2000
Date of revision:
Publication status: published in "Les rémunérations, politiques et pratiques pour les années 2000", sous la direction de Jean-Marie Peretti et de Patrice Roussel, Paris, Vuibert, collection Entreprendre, 2000, p.135-160
Handle: RePEc:dij:wpfarg:1000102

Note: article publié dans "Les rémunérations, politiques et pratiques pour les années 2000", sous la direction de Jean-Marie Peretti et de Patrice Roussel, Paris, Vuibert, collection Entreprendre, 2000, p.135-160
Contact details of provider:
Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
Phone: +33(0)380395435
Fax: +33(0)380395488

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Postal: Gérard Charreaux, Fargo-Latec, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

For technical questions regarding this item, or to correct its listing, contact: (Gérard Charreaux).

Related research
Keywords: plans d'option sur actions; stock-options; incitation; efficacité.;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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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.:
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    Other versions:
  6. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April. [Downloadable!] (restricted)
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    Other versions:
  12. Philippe Desbrières, 1999. "Motifs et conséquences de l'adoption des stock-options," Working Papers FARGO 0991101, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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    Other versions:
  19. Huddart, Steven, 1994. "Employee stock options," Journal of Accounting and Economics, Elsevier, vol. 18(2), pages 207-231, September. [Downloadable!] (restricted)
  20. Brickley, James A. & Bhagat, Sanjai & Lease, Ronald C., 1985. "The impact of long-range managerial compensation plans on shareholder wealth," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 115-129, April. [Downloadable!] (restricted)
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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. Philippe Desbrières, 2000. "La rémunération des dirigeants sous forme d'actions et de stock-options," Working Papers FARGO 1001102, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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