Employee stock options pricing and the implication of restricted exercise price: evidence from Taiwan

Employee stock options pricing and the implication of restricted exercise price: evidence from... Employee stock option (ESO) issuance in Taiwan is associated with some unique characteristics. We believe this to be the first paper to examine the impact of different pricing model options on the theoretical price of ESOs in Taiwan. A clear consensus in terms of the time point to expense the ESO issuance and the setting of a restricted exercise price lead us to believe that the reset pricing model represents the most pertinent model to price Taiwanese ESOs. Furthermore, the factors that determine the decision to impose a restricted exercise price are also discussed. With an outreach of 24 logistic regressions, the empirical results show that the ultimate control power, operational performance and volatility of a firm are important indicators regarding the probability of adding a restriction on the exercise price. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Quantitative Finance and Accounting Springer Journals

Employee stock options pricing and the implication of restricted exercise price: evidence from Taiwan

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Springer US
Copyright © 2010 by Springer Science+Business Media, LLC
Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
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