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Combining Bonus systems and Option programs: A market reaction analysis on the Stockholm Stock Exchange
Stockholm University, Faculty of Social Sciences, School of Business.
Stockholm University, Faculty of Social Sciences, School of Business.
2001 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This paper analyzes abnormal returns as a method of investigating if the market favors a bonus system adoption prior to an option program implementation. In a sample of 40 announcements, between 1996-2001, made by corporations listed on the Stockholm Stock Exchange, we find no favorable market reaction. In addition, when dividing the sample into suitable sub-groups, we find no evidence revealing a favorable market reaction. We conclude our findings by arguing that the market views the use of bonus systems, prior to the option program adoptions, as irrelevant. In addition, a practical valuation of option programs is presented.

Place, publisher, year, edition, pages
2001.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-2241OAI: oai:DiVA.org:su-2241DiVA: diva2:191160
Uppsok
samhälle/juridik
Available from: 2007-01-05 Created: 2007-01-05

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