The Allocation of Employee Stock Option Proceeds

• Main Authors: CHANG, Xin, CHEN, Yangyang, SHIH, Chia Mei, WANG, Rong
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2014
• 主題: Employee Stock Option; Equity issuance; Cash Flow Allocation; Cash Holdings; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/4556; https://ink.library.smu.edu.sg/context/lkcsb_research/article/5555/viewcontent/WangRong_2014_AllocationEquity_WP.pdf

We separate equity issuance proceeds into two parts: option proceeds generated by employee stock option exercises and non-option proceeds engendered by all other forms of equity issues. We document that over the period 1998-2013, the aggregate amount of option proceeds exceeds that of non-option pro...