上财城市与区域科学学院/十博体育Seminar暨迎百年校庆系列学术报告(2017-2018学年第一学期第十一期)

时间:2017-11-20浏览:288设置

【主  题】Retention Effects of Employee Stock Option:Evidence from Bunching at Vesting Dates

【报告人】张红(暨南大学 产业经济研究院 讲师)

【时  间】11月23日(星期四)上午09:30-11:00

【地  点】十博体育红瓦楼236会议室

【主持人】 汪晨 博士


【报告摘要】

Whether employee stock options bring the firm enough benefit to justify the cost is at the center of much debate. We study the retention effect of stock options to reconcile their popularity and high granting costs. We use the bunching design to address the endogeneity problem and identify the causal effects of options on retention. Using a novel administrative panel dataset at the individual employee level, we find that option owners delay quitting until options vest to minimize the opportunity cost of quitting. The bunching at the vesting dates is significant and sizable: the quitting of option owners more than doubles shortly after options vest. We find that the bunching effect is robust to alternative explanations, stronger when option values are high, unique to voluntary quitters but absent among owners who leave involuntarily. We also verify that the retained option owners have superior performance, and conduct a simple benefit-cost analysis with the baseline estimates. We find that the retention benefits contribute greatly to the total benefit of options, which exceeds 95-275% of the granting cost. Accounting for the retention effects of options can avoid the potential underestimation of the benefit-cost ratio, thereby helping to reconcile the popularity of options and the high granting costs.


【报告人简介】

张红,暨南大学产业经济研究院讲师。2016年于北京大学光华管理学院获经济学博士学位,2014-2015年于斯坦福大学开展学术访问。主要研究方向为劳动经济学和人事管理经济学,研究成果发表于《管理世界》《经济学(季刊)》《金融研究》等权威期刊,担任《经济学(季刊)》《经济学报》等期刊匿名审稿人。


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