成人直播

题目：The Pricing of Risk and Sentiment: A Study of Executive Stock Options

报告人：Charles Chang(CornellUniversity)

时间：10月13日（周二）10:00-11:30am

地点：成人直播新楼217教室

摘要：Using allUSemployee stock options (ESOs) issued and executive compensation paid between 1992 and 2004, we find that executives value ESOs at a 126% premium to market value. Accounting for illiquidity, option pricing models generally imply a discount