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The Determinants of Stock Option Compensation: Evidence from Finland

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Author Info

  • Jones, Derek C.
  • Kalmi, Panu
  • Mäkinen, Mikko

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File URL: http://www.etla.fi/wp-content/uploads/2012/09/dp957.pdf
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Bibliographic Info

Paper provided by The Research Institute of the Finnish Economy in its series Discussion Papers with number 957.

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Length: 32 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:rif:dpaper:957

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Related research

Keywords: stock options; compensation; corporate governance;

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References

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  1. Brian J. Hall & Kevin J. Murphy, 2003. "The Trouble with Stock Options," NBER Working Papers 9784, National Bureau of Economic Research, Inc.
  2. Oyer, Paul & Schaefer, Scott, 2005. "Why do some firms give stock options to all employees?: An empirical examination of alternative theories," Journal of Financial Economics, Elsevier, vol. 76(1), pages 99-133, April.
  3. Brian J. Hall, 1998. "The Pay to Performance Incentives of Executive Stock Options," NBER Working Papers 6674, National Bureau of Economic Research, Inc.
  4. Hausman, Jerry & McFadden, Daniel, 1984. "Specification Tests for the Multinomial Logit Model," Econometrica, Econometric Society, vol. 52(5), pages 1219-40, September.
  5. Lucian Arye Bebchuk & Jesse M. Fried, 2003. "Executive Compensation as an Agency Problem," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 71-92, Summer.
  6. Derek C. Jones & Takao Kato, 1993. "The scope, nature, and effects of employee stock ownership plans in Japan," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 46(2), pages 352-367, January.
  7. Seppo Ikaheimo & Anders Kjellman & Jan Holmberg & Sari Jussila, 2004. "Employee stock option plans and stock market reaction: evidence from Finland," The European Journal of Finance, Taylor & Francis Journals, vol. 10(2), pages 105-122.
  8. Bebchuk, Lucian A. & Fried, Jesse M., 2003. "Executive Compensation as an Agency Problem," Berkeley Olin Program in Law & Economics, Working Paper Series qt81q3136r, Berkeley Olin Program in Law & Economics.
  9. 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.
  10. Oyer, Paul, 2001. "Why Do Firms Use Incentives That Have No Incentive Effects?," Research Papers 1686, Stanford University, Graduate School of Business.
  11. Murphy, Kevin J., 1999. "Executive compensation," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 38, pages 2485-2563 Elsevier.
  12. Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
  13. Derek C. Jones & Takao Kato & Jeffrey Pliskin, 1994. "Profit Sharing and Gainsharing: A Review of Theory, Incidence, and Effects," Economics Working Paper Archive wp_125, Levy Economics Institute, The.
  14. Ari Hyytinen & Iikka Kuosa & Tuomas Takalo, 2003. "Law or Finance: Evidence from Finland," European Journal of Law and Economics, Springer, vol. 16(1), pages 59-89, July.
  15. Pasternack, Daniel & Rosenberg, Matts, 2003. "What Determines Stock Option Contract Design?," Working Papers 498, Hanken School of Economics.
  16. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
  17. 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.
  18. 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.
  19. Kauhanen, Antti & Piekkola, Hannu, 2002. "Profit Sharing in Finland: Earnings and Productivity Effects," Discussion Papers 817, The Research Institute of the Finnish Economy.
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Citations

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Cited by:
  1. Derek Jones & Panu Kalmi & Mikko Mäkinen, 2010. "The productivity effects of stock option schemes: evidence from Finnish panel data," Journal of Productivity Analysis, Springer, vol. 33(1), pages 67-80, February.
  2. Petri Böckerman & Edvard Johansson & Ritva Prättälä & Antti Uutela, 2005. "Alcohol mortality, drinking behaviour, and business cycles: are slumps really dry seasons?," HEW 0506002, EconWPA.
  3. Kevin F. Hallock & Craig A. Olson, 2010. "New Data for Answering Old Questions Regarding Employee Stock Options," NBER Chapters, in: Labor in the New Economy, pages 149-180 National Bureau of Economic Research, Inc.
  4. Mäkinen, Mikko, 2007. "Do Stock Opiton Schemes Affect Technical Inefficiency? Evidence from Finland," Discussion Papers 1085, The Research Institute of the Finnish Economy.

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