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Our findings also suggest that the economic importance of options’ incentive effects is small.
The size and accuracy of our data set enable sufficiently precise measurement to find compelling
statistical evidence that there is an effect. However, the size of the effect is such that ordinary
option grants have only small impacts on firm risk. Moreover, our tests of stock-price response to
option-induced risk-taking find no evidence of costs or benefits to shareholders from this activity.
The excess returns associated with the interaction of CEO option sensitivity and increased stock
volatility is economically small and statistically insignificant....
Nội dung trích xuất từ tài liệu:
Stock Prices, News and Economic Fluctuations
