Evolution et sensibilité des stock-options : cas du marché français
This paper studies the evolution and incentive effects of the stock-options allotted to the top-managers of the CAC40’s 18 large companies between 1994 and 2003. A database linked to 184 plans of stock-options is used. Three periods of analysis were considered: before, during and after the financial bubble of the 1990’s end. Our results show that the stock-options in France evolved in a spectacular way between 1994 and 2003. Their values were closely related to the stock prices and strike variations. Moreover, we find that the stock-options sensitivity to volatility is more significant during the bubble than before or after. Thus the incentives created by the stock-options are not monotonous, they are a function of the market trends.
|Date of creation:||2006|
|Contact details of provider:|| Postal: 200 Avenue de la République, Bât. G - 92001 Nanterre Cedex|
Web page: http://economix.fr
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:drm:wpaper:2006-8. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Valérie Mignon)
If references are entirely missing, you can add them using this form.