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Les plans d'option sur actions:théorie et pratique

  • Philippe Desbrières

    ()

    (Université de Bourgogne LATEC/FARGO)

  • Sylvie Saint-Onge
  • Michel Magnan

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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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO 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

Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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References listed on IDEAS
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  1. Carpenter, Jennifer N., 1998. "The exercise and valuation of executive stock options," Journal of Financial Economics, Elsevier, vol. 48(2), pages 127-158, May.
  2. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 237-269.
  3. Hemmer, Thomas, 1993. "Risk-free incentive contracts : Eliminating agency cost using option-based compensation schemes," Journal of Accounting and Economics, Elsevier, vol. 16(4), pages 447-473, October.
  4. 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.
  5. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 653-691, August.
  6. Bruce Johnson, W. & Magee, Robert P. & Nagarajan, Nandu J. & Newman, Harry A., 1985. "An analysis of the stock price reaction to sudden executive deaths : Implications for the managerial labor market," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 151-174, April.
  7. Larcker, David F., 1983. "The association between performance plan adoption and corporate capital investment," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 3-30, April.
  8. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
  9. Dechow, Patricia M. & Sloan, Richard G., 1991. "Executive incentives and the horizon problem : An empirical investigation," Journal of Accounting and Economics, Elsevier, vol. 14(1), pages 51-89, March.
  10. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
  11. 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.
  12. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  13. Agrawal, Anup & Mandelker, Gershon N, 1987. " Managerial Incentives and Corporate Investment and Financing Decision s," Journal of Finance, American Finance Association, vol. 42(4), pages 823-37, September.
  14. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  15. Yermack, David, 1997. " Good Timing: CEO Stock Option Awards and Company News Announcements," Journal of Finance, American Finance Association, vol. 52(2), pages 449-76, June.
  16. John, Teresa A & John, Kose, 1993. " Top-Management Compensation and Capital Structure," Journal of Finance, American Finance Association, vol. 48(3), pages 949-74, July.
  17. Philippe Desbrières, 1999. "Motifs et conséquences de l'adoption des stock-options," Working Papers CREGO 0991101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  18. Aboody, David, 1996. "Market valuation of employee stock options," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 357-391, October.
  19. 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.
  20. Huddart, Steven, 1994. "Employee stock options," Journal of Accounting and Economics, Elsevier, vol. 18(2), pages 207-231, September.
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