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Why Riskier Companies Grant More Employee Stock Options
Social Science Research Network [SSRN] 
Apr. 28, 2008
Excerpt: This paper documents that riskier firms grant more options to non-executive employees using a large panel of US firms from 1992 to 2005. These results are not explained by factors on the industry level. A simple model in which a risk-neutral firm and an employee with cumulative prospect theory preferences bargain over the employee's pay package can provide an explanation for this otherwise puzzling behavior.
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