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|Managing Stock Option Fragility|
National Bureau of Economic Research [NBER]
July 15, 2002
Working paper available for downloading from SSRN.com for $5. Excerpt: We build a detailed data set on executives' portfolios of stock and options and find that executive options are frequently underwater, even when average stock returns have been high.... We find that, in contrast to the incentives provided by stock, the incentives provided by options are quite sensitive to stock price changes, especially on the downside.
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