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Aktiemarkedets reaktion på indførelsen af incitamentsprogrammer

Author

Listed:
  • Rose, Caspar

    (Institut for Finansiering, Handelshøjskolen i København)

Abstract

This article conducts an event study estimating the impact on share prices of announcements of the introduction of incentive-based pay by Danish companies listed on the stock market. Danish firms have only recently started to use stock-dependent incentive programmes which involve stock options and warrants, whereas em - ployee share schemes have been in use for several years. The article finds that the abnormal return on the day of the announcement day is positive and significantly dif fe - rent from zero, suggesting that stock-related incentive programmes create shareholder value. When the data set is broken down, only stock options and warrants are found to have a significant positive influence on the abnormal returns.

Suggested Citation

  • Rose, Caspar, 2001. "Aktiemarkedets reaktion på indførelsen af incitamentsprogrammer," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2001(1), pages 185-197.
    • Handle: RePEc:hhs:jdaecn:0261
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    More about this item

    Keywords

    Aktiemarkedet; incitamentsprogrammer;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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