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Evolution et sensibilité des stock-options : cas du marché français


  • Abdelaziz Elmarzougui


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.

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  • Abdelaziz Elmarzougui, 2006. "Evolution et sensibilité des stock-options : cas du marché français," EconomiX Working Papers 2006-8, University of Paris Nanterre, EconomiX.
  • Handle: RePEc:drm:wpaper:2006-8

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    JEL classification:

    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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