On buybacks, dilutions, dividends, and the pricing of stock‐based claims
构建了一个考虑利息支付短缺导致稀释、允许现金盈余通过股息和回购分配的公司结构模型，并扩展至员工股票授予，展示了支付政策如何影响交易期权和员工授予的价格，通过五家科技公司案例说明其重要性。
Abstract We develop a structural model of the firm that accounts for dilutions, resulting from interest payment shortfalls, and allows cash surpluses to be distributed under a payout policy that permits a combination of dividends and buybacks. Since the model tracks the number of outstanding shares, it can distinguish between claims dependent on the price of a share versus claims that depend on total equity. With a further extension of the model to incorporate employee stock grants, we demonstrate how the prices of traded stock options and employee grants are affected by payout policy. The impact of both dilutions and buybacks on traded option prices and employee grants is shown to be material. This magnitude is further illustrated through a case study involving five technology firms.