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EMPIRICAL ANALYSIS OF FACTORS
DRIVING STOCK OPTIONS GRANTS AND FIRMS’ VOLATILITY
by
Ladan Masoudie
A Dissertation Presented to the
FACULTY OF THE GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(ECONOMICS)
May 2008
Copyright 2008 Ladan Masoudie
Object Description
| Title | Empirical analysis of factors driving stock options grants and firms volatility |
| Author | Masoudie, Ladan |
| Author email | lmasoudie@yahoo.com |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Economics |
| School | College of Letters, Arts and Sciences |
| Date defended/completed | 2008-03-12 |
| Date submitted | 2008 |
| Restricted until | Unrestricted |
| Date published | 2008-04-24 |
| Advisor (committee chair) | Zapatero, Fernando |
| Advisor (committee member) |
Ham, John Murphy, Kevin Tatiana, Sandino |
| Abstract | Top executives behavior and their decision making are important factors affecting the performance of the firms and business market. First part of this dissertation is an empirical analysis of gender differences in risk taking behavior, compensation structure, options exercising behavior and firm' s stock holding of U.S. public firms' top executives. This study used the data from U.S. public firms over the period 1992 to 2004. The results suggest that firms with at least one female executive among the top five executives have lower risk levels. Based on the results from exogeneity tests, it is suggested that the presence of a female executive among top executives of a firm decreases the firm 's risk level. Compared to their male counterparts, top female executives possess higher share of stock options in their compensation, and exercise their stock options more frequently. The firms' share ownership of top five executives is not significantly affected by gender. The second part is an empirical analysis of the association between screening top executives and stock option payment. Data from U.S. public firms during 1992 to 2005 was used. Several theoretical studies have shown that stock options can be used to screen out low type executives. Two variables were introduced to capture the intensity of screening problem. The results support the hypothesis that stock options are partly given to screen out low type executives. |
| Keyword | executive compensation; risk aversion; corporate finance; labor economics; contract theory |
| Geographic subject (country) | USA |
| Coverage date | 1992/2005 |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Type | texts |
| Legacy record ID | usctheses-m1188 |
| Rights | Masoudie, Ladan |
| Repository name | Libraries, University of Southern California |
| Repository address | Los Angeles, California |
| Repository email | http://www.usc.edu/isd/libraries/services/ask_a_librarian/email/ |
| Filename | etd-Masoudie-20080424 |
| Archival file | uscthesesreloadpub_Volume32/etd-Masoudie-20080424.pdf |
Description
| Title | Page 1 |
| Full text | EMPIRICAL ANALYSIS OF FACTORS DRIVING STOCK OPTIONS GRANTS AND FIRMS’ VOLATILITY by Ladan Masoudie A Dissertation Presented to the FACULTY OF THE GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (ECONOMICS) May 2008 Copyright 2008 Ladan Masoudie |
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