The Timing of Option Repricing
研究高管股票期权重新定价是否被系统性地安排在股价有利变动时进行。基于236个重新定价事件，发现重新定价后股价大幅上涨，且常发生在好消息公布前或坏消息公布后，暗示CEO机会主义地选择时机。
ABSTRACT We investigate whether executive stock option repricings are systematically timed to coincide with favorable movements in the company's stock price. For a sample of 236 repricing events, we observe sharp increases in stock price in the 20‐day period following the repricing date. In addition, repricing dates tend to either precede the release of good news or follow the release of bad news in the quarterly earnings announcements. Since information about stock option repricing is not generally released to the public around the repricing date, these findings suggest that CEOs opportunistically manage the timing of the option repricing date.