Executive compensations package and stock splits - Broens, Robbert
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Are managers more inclined to split their shares if they stand to personally benefit from them? The greater the variable compensation in the remuneration package, i.e., the more a compensation package represents a call option on the stock; the more inclined CEOs are to split the firms' shares. Accompanied by the increase in stock price and volatility subsequent to a stock split, CEOs can increase the value of their option packages by splitting the firm's shares as it sends a credible signal to the market. By focusing on stock option exercise behaviour of CEOs I provide initial evidence that executives use the stock split to time option exercises.…mehr

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Produktbeschreibung
Are managers more inclined to split their shares if they stand to personally benefit from them? The greater the variable compensation in the remuneration package, i.e., the more a compensation package represents a call option on the stock; the more inclined CEOs are to split the firms' shares. Accompanied by the increase in stock price and volatility subsequent to a stock split, CEOs can increase the value of their option packages by splitting the firm's shares as it sends a credible signal to the market. By focusing on stock option exercise behaviour of CEOs I provide initial evidence that executives use the stock split to time option exercises.
Autorenporträt
Der Autor verfügt über einen BSC-Abschluss in internationaler Wirtschaft mit Schwerpunkt Finanzen, den er an der Universität Maastricht und der Hong Kong University of Science and Technology erworben hat. Danach erwarb er seinen MSC-Abschluss in Finanzen an der Universität Maastricht.