Repricing and Executive Turnover
研究了公司面临的高管更替威胁是否影响其重新定价高管股票期权的决策，发现高管更替风险越高，公司越可能重新定价期权。
Abstract We examine whether the threat of executive turnover faced by a firm affects its decision to reprice stock options held by its executives. We estimate a model of voluntary turnover among top executives and show that the predicted turnover from this model is positively related to the probability of repricing. The relationship is robust to the inclusion of several known determinants of repricing. Our results are consistent with a model in which a tight labor market makes executives hard to replace, forcing firms to reprice stock options when they go underwater.