拉斯维加斯9888

标题：The Pricing of Risk and Sentiment: A Study of Executive Stock Options

汇报人：Charles Chang(CornellUniversity)

功夫：10月13日（周二）10:00-11:30am

地址：拉斯维加斯9888新楼217教室

提要：Using allUSemployee stock options (ESOs) issued and executive compensation paid between 1992 and 2004, we find that executives value ESOs at a 126% premium to market value. Accounting for illiquidity, option pricing models generally imply a discount