Exercises of Executive Stock Options on the Vesting Date
研究了高管在期权归属日立即行权而非稍后提前行权的动机，发现需要分散投资组合和持有高风险股票的高管更倾向于在归属日行权，而私有信息对此影响较小。
We investigate the motives for executives to exercise executive stock options on the options’ vesting date versus a later early exercise. We find that executives frequently exercise on the vesting date, executives with a greater need for portfolio diversification and riskier underlying stocks are more likely to exercise their options on the vesting date versus a later early exercise, and private information appears less relevant to vesting date exercises.