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Contribution à l'analyse des déterminants du comportement d'exercice des porteurs de stock options : une étude empirique sur le marché Américain

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  • Hamza Bahaji

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper aims to contribute to previous research on stock-option holders exercise behavior. It gives rise to new factors affecting behavior of stock-option holders. We used private data on 52 534 exercise transactions within 12 US listed companies. Our results are consistent with the empirical literature findings in that they show empirical evidence on underlying economic and psychological factors affecting exercise behavior. More specifically, we found that exercise is negatively linked to firm-specific risk. In addition, we document that exercise behavior is influenced by the stock-option anchorage in the industry culture of the firm. Moreover, exercise displays myopic behavior denoting mental accounting bias.Finally, it turns out that exercise behavior is heterogeneous over time and firms.

Suggested Citation

  • Hamza Bahaji, 2009. "Contribution à l'analyse des déterminants du comportement d'exercice des porteurs de stock options : une étude empirique sur le marché Américain," Working Papers halshs-00512840, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00512840
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00512840v2
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    References listed on IDEAS

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    Cited by:

    1. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 10(3), pages 200-227, August.

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