The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
On the Timing of CEO Stock Option Awards
Abstract
This study documents that the abnormal stock returns are negative before unscheduled executive option awards and positive afterward. The return pattern has intensified over time, suggesting that executives have gradually become more effective at timing awards to their advantage, and possibly explaining why the results in this study differ from those in past studies. Moreover, I document that the predicted returns are abnormally low before the awards and abnormally high afterward. Unless executives possess an extraordinary ability to forecast the future marketwide movements that drive these predicted returns, the results suggest that at least some of the awards are timed retroactively.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Research works printed but not linked: 8
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- 10.1111/j.1540-6261.2004.00675.x · doi:10.1111/j.1540-6261.2004.00675.x
- 10.1016/S0929-1199(00)00019-5 · doi:10.1016/s0929-1199(00)00019-5
- 10.1016/S0165-4101(02)00071-X · DOI · Paper page
- 10.1016/0304-405X(83)90025-9 · DOI · Paper page
- 10.1093/rfs/14.1.79 · DOI · Paper page
- 10.1016/0304-405X(83)90029-6 · DOI · Paper page
- 10.1111/j.1540-6261.1997.tb04809.x · DOI · Paper page
Cited by
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.05.006 · Cited by 993
Optimal Taxation of Top Labor Incomes: A Tale of Three Elasticities
Piketty, T., Saez, E., & Stantcheva, S. (2014) · American Economic Journal: Economic Policy · doi:10.1257/pol.6.1.230 · Cited by 713
Corruption culture and corporate misconduct
Liu, X. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.06.005 · Cited by 580
Frydman, C., & Jenter, D. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133958 · Cited by 542
Does backdating explain the stock price pattern around executive stock option grants?
Heron, R. A., & Lie, E. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.12.003 · Cited by 441
Self-citation
Metadata
- Authors
- Lie, E.
- Venue
- Management Science
- Published
- 2005-05
- Volume
- 51
- Issue
- 5
- Pages
- 802-812
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2100752900
- Cited by
- 509
- References
- 1
- FWCI
- 107.88
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lie, E. (2005). On the Timing of CEO Stock Option Awards. Management Science. https://doi.org/10.1287/mnsc.1050.0365
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
