Tax Planning and the Exercise of Employee Stock Options*
分析员工股票期权持有者的税务规划行为，研究他们对拟议税率上调的反应。受税率变化影响的员工比不受影响的员工更频繁地行权，但受益最大的员工中不到三分之一选择提前行权。
Abstract This paper analyzes tax planning by holders of employee stock options and examines their response to a proposed tax rate increase. Consistent with tax planning, the frequency of exercise is greater for employees affected by the tax change than for (1) employees unlikely to be affected by the tax increase who contemporaneously held identical options, and (2) employees with comparable incomes who held similar options in other years. Despite the greater frequency of exercise, less than one‐third of the option holders who would benefit most from exercise for tax reasons chose to exercise early.