Corpus ID: 55786601

Market valuation of employee stock options: the spanish case

@inproceedings{Snchez2010MarketVO,
  title={Market valuation of employee stock options: the spanish case},
  author={Ra{\'u}l {\'I}{\~n}iguez S{\'a}nchez and Antoni Vaello Sebasti{\`a} and Pablo J. V{\'a}zquez-Veira},
  year={2010}
}
____________________________________________________________________________ Focusing on Spanish firms, the aim of this paper is to investigate how investors incorporate the value of a firm's outstanding employee stock options (ESOs hereafter) into its stock price. Aboody (1996) analyzes the same issue on US data, however our approach improves the empirical specification by incorporating analysts' forecasts of future abnormal earnings. We find a negative correlation between the ESOs value and a… CONTINUE READING

Create an AI-powered research feed to stay up to date with new papers like this posted to ArXiv

Figures and Tables from this paper.

References

Publications referenced by this paper.
SHOWING 1-10 OF 15 REFERENCES

A Comparision of Dividend, Cash Flow and Earnings Approaches to Equity Valuation

  • S. H. Penman, T. Sougiannis
  • Contemporary Accounting Research,
  • 1998
VIEW 4 EXCERPTS
HIGHLY INFLUENTIAL

Stock returns and accounting earnings

VIEW 3 EXCERPTS
HIGHLY INFLUENTIAL

Market valuation of employee stock options

VIEW 13 EXCERPTS
HIGHLY INFLUENTIAL

Exercise behaviour, valuation

  • J. C. Bettis, M.L.J.M. Bizjak
  • Lemmon,
  • 2005

Valuing Employee Stock Options

VIEW 1 EXCERPT