高管股票期权在房地产投资信托基金回购中的作用

SPGMI: SNL Financial Data (Topic) Pub Date : 2006-06-07 DOI:10.2139/ssrn.912532

Chinmoy Ghosh, John P. Harding, Ö. Sezer, C. Sirmans

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引用次数: 11

摘要

本文研究了管理层持有股票期权与公司宣布回购普通股的决定之间的关系。管理层持有股票期权应该通过帮助管理层和股东的目标保持一致，从而强化传统的低估、自由现金流和资本结构回购动机。在回购活动的高峰期(1997 - 1999)，房地产投资信托(REIT)行业的数据被用来估计宣布回购计划的决策的logit模型。在控制了文献中讨论的标准动机后，研究结果显示，管理期权持有与回购公告的可能性呈正相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Role of Executive Stock Options in REIT Repurchases

This paper examines the relationship between managerial stock option holdings and the decision to announce a repurchase of the firmâ€™s common stock. Managerial stock option holdings should reinforce the traditional undervaluation, free cash flow, and capital structure motives for repurchases by helping to align the objectives of management and shareholders. Data from the Real Estate Investment Trust (REIT) industry during the peak period of repurchase activity (1997?999) are used to estimate a logit model of the decision to announce a repurchase program. After controlling for the standard motivations discussed in the literature, the findings reveal that managerial option holdings are positively related to the likelihood of a repurchase announcement.

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SPGMI: SNL Financial Data (Topic)

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