An Empirical Analysis of the Effect of Stock Option in Japan

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Other Title
  • ストックオプション効果の実証的分析
  • ストック オプション コウカ ノ ジッショウテキ ブンセキ

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Description

In this paper we analyze the effects of stock options using the data of 268 Japanese firms. The dependent variables are the rate of change in the value of a firm and the ratio of the change in the value of a firm to volatility multiplied by the value of the firm. The major independent variables are the size of stock option, volatility, and the firm size. The estimation results show that in the case of firms that introduced stock options for the first time, stock options have an effect to increase the value of a firm.

Journal

  • 經濟學論叢

    經濟學論叢 58 (4), 25-52, 2007-03-20

    The Doshisha Economic Association

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