Optimal Exercise and the Cost of Granting Employee Stock Options with a Reload Provision
提出一种理论上正确的估值方法，用于估算公司授予员工再装载期权（REO）的成本，可直接用于遵循SFAS No. 123准则，对需要评估期权公允价值的财务人员有用。
In this paper we formulate a theoretically correct valuation method for estimating the cost to a firm of granting reload options (REOs) to its employees. The model developed in this paper can be used directly by firms who wish to apply Statement of Financial Accounting Standards (henceforth SFAS) No. 123 [1995] to REOs. Also, the model is directly useful to the FASB should they choose to require the entire value of REOs to be estimated at the date of grant, a requirement that was not included in SFAS No. 123 due to the lack of a reasonable valuation model.1 REOs, which have been gaining in popularity since the late 1980s, are similar to traditional ESOs, except that they also carry a reload provision.2 The reload provision specifies that if the option holder exercises