%0 Book
%A Ulrike Neubauer
%D 2021
%C Berlin, Germany
%I Peter Lang Verlag
%@ 0531-7339
%T Costs and Incentive Effects of Stock Option Repricing
%U https://www.peterlang.com/document/1097741
%X Does repricing of executive stock options, i.e. the practice of lowering the exercise price when options are out-of-the-money unfairly reward managers for poor performance and thereby undermine incentives set by the compensation contract? In a study that compares the pay package containing repriced option with an otherwise adjusted package it is shown that repricing is not more expensive to shareholders than otherwise adjusting non-option compensation components. However, the package containing repriced options provides significantly stronger incentives. Furthermore, a policy that constrains the board of directors from repricing does not have significant effects on shareholders’ returns.
%K USA, Aktienoptionsplan, Schätzung, Corporate Governance, Management Vergütung, Stock Option Repricing, Führungskraft, Anreizsystem
%G English