| Option Strike Price and Managerial Investment Decisions |
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| 作者姓名： | 刘鸿雁 张维 |
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| 作者单位： | SchoolofManagement，TianjinUniversity，SchoolofManagement，TianjinUniversity Tianjin300072，China，Tianjin300072，ChinaTianjinUniversityofFinanceandEconomics，Tianjin300222，China |
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| 基金项目： | SupportedbyEducationMinistry′sDoctorFoundation . |
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| 摘 要： | Ｉｎｍｏｄｅｒｎｃｏｒｐｏｒａｔｉｏｎｓ ,ｔｈｅｂａｓｉｃｏｒｆｕｎｄａｍｅｎｔａｌｇｏａｌｓｏｆｂｏｔｈｔｈｅｐｒｉｎｃｉｐａｌ (ｏｒｓｔｏｃｋｈｏｌｄｅｒｓ)ａｎｄｔｈｅａ ｇｅｎｔ (ｏｒｔｈｅｍａｎａｇｅｒ)ａｒｅｔｏｍａｘｉｍｉｚｅｔｈｅｉｒｒｅｓｐｅｃｔｉｖｅｅｘｐｅｃｔｅｄｕｔｉｌｉｔｙ .Ｔｈｏｕｇｈ ,ｄｕｅｔｏｔｈｅｉｒｄｉｆｆｅｒｅｎｔｆｅａｔｕｒｅｓ ,ｔｈｅｙｍａｙｈａｖｅｑｕｉｔｅｄｉｆｆｅｒｅｎｔａｃｔｉｏｎｃｈｏｉｃｅｓ .Ｓｉｎｃｅｓｔｏｃｋ ｈｏｌｄｅｒｓ′ｉｎｖｅｓｔｍｅ…
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Option Strike Price and Managerial Investment Decisions |
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| LIU Hong yan ,ZHANG Wei.Option Strike Price and Managerial Investment Decisions[J].Transactions of Tianjin University,2003,9(1). |
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| Authors: | LIU Hong yan ZHANG Wei |
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| Institution: | 1. School of Management,TianjinUniversity,Tianjin300072,China
2. School of Management,TianjinUniversity,Tianjin300072,China;Tianjin University of Finance and Economics,Tianjin 300222,China |
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| Abstract: | The manager′s investment decisions is modeled when the manager is risk-averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement. |
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| Keywords: | stock options strike price investment |
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