DC Field | Value | Language |
---|---|---|
dc.contributor.author | Bae, Kwangil | ko |
dc.contributor.author | Kang, Jangkoo | ko |
dc.contributor.author | Kim, Hwa-Sung | ko |
dc.date.accessioned | 2018-08-20T07:47:20Z | - |
dc.date.available | 2018-08-20T07:47:20Z | - |
dc.date.created | 2018-08-01 | - |
dc.date.created | 2018-08-01 | - |
dc.date.issued | 2018-08 | - |
dc.identifier.citation | JOURNAL OF FUTURES MARKETS, v.38, no.8, pp.943 - 957 | - |
dc.identifier.issn | 0270-7314 | - |
dc.identifier.uri | http://hdl.handle.net/10203/244820 | - |
dc.description.abstract | We observe that the incentive effects of traditional stock options can be improved by making the option's payoff concave in the region of a high stock price at maturity. To reflect the concave property, we propose two types of executive stock options: a generalized power option and an ordinary bull spread. Under the [Hall and Murphy (): American Economic Review 209-214, Hall and Murphy () Journal of Accounting and Economics 33: 3-42] framework, we show that the generalized power option with high concavity and the ordinary bull spread generate greater incentive effects than those of traditional options or the [Bernard, Boyle, and Chen (): The Journal of Derivatives 23: 9-20] power executive options. | - |
dc.language | English | - |
dc.publisher | WILEY | - |
dc.subject | COMPENSATION | - |
dc.subject | VALUATION | - |
dc.subject | EXERCISE | - |
dc.subject | PRICES | - |
dc.title | Call options with concave payoffs: An application to executive stock options | - |
dc.type | Article | - |
dc.identifier.wosid | 000437837900006 | - |
dc.identifier.scopusid | 2-s2.0-85045915403 | - |
dc.type.rims | ART | - |
dc.citation.volume | 38 | - |
dc.citation.issue | 8 | - |
dc.citation.beginningpage | 943 | - |
dc.citation.endingpage | 957 | - |
dc.citation.publicationname | JOURNAL OF FUTURES MARKETS | - |
dc.identifier.doi | 10.1002/fut.21924 | - |
dc.contributor.localauthor | Kang, Jangkoo | - |
dc.contributor.nonIdAuthor | Bae, Kwangil | - |
dc.contributor.nonIdAuthor | Kim, Hwa-Sung | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | bull spread | - |
dc.subject.keywordAuthor | concave payoff | - |
dc.subject.keywordAuthor | executive value | - |
dc.subject.keywordAuthor | incentive effect | - |
dc.subject.keywordAuthor | log option | - |
dc.subject.keywordAuthor | power option | - |
dc.subject.keywordPlus | COMPENSATION | - |
dc.subject.keywordPlus | VALUATION | - |
dc.subject.keywordPlus | EXERCISE | - |
dc.subject.keywordPlus | PRICES | - |
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