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Evolution Et Effets Incitatifs Des Stock-Options : Le Cas Des Dirigeants Du Cac40

  • Elmarzougui Abdelaziz Isg Sousse

    (EconomiX - CNRS : UMR7166 - Université de Paris X - Nanterre)

  • Mohamed El Hedi Arouri


    (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans)

Cet article étudie l'évolution et les effets incitatifs des stock-options attribuées aux dirigeants de dix-huit entreprises du CAC40 entre 1994 et 2003. Une base de données portant sur 184 plans d'attribution de stock-options par ces entreprises est utilisée afin de suivre l'évolution et la sensibilité des stock-options aux variations de la valeur boursière, du prix d'exercice et de la volatilité. Nos résultats montrent que les stock-options en France ont évolué d'une manière spectaculaire entre 1994 et 2003. Leurs valeurs étaient étroitement liées aux variations du cours boursiers, du prix d'exercice et de la volatilité. En outre, nous établissons que la valeur des stock-options est plus sensible à la rentabilité spécifique associée à l'effort et au savoir-faire des dirigeants qu'à la performance due aux fluctuations du marché.

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Paper provided by HAL in its series Working Papers with number hal-00387102.

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Date of creation: 2008
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Handle: RePEc:hal:wpaper:hal-00387102
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