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Employees’ Subjective Valuations of Their Stock Options: Evidence on the Distribution of Valuations and the Use of Simple Anchors*

2011; Wiley; Volume: 28; Issue: 3 Linguagem: Inglês

10.1111/j.1911-3846.2010.01062.x

1911-3846

Anne M. Farrell, Susan D. Krische, Karen L. Sedatole,

Financial Markets and Investment Strategies

Contemporary Accounting ResearchVolume 28, Issue 3 p. 747-793 Employees' Subjective Valuations of Their Stock Options: Evidence on the Distribution of Valuations and the Use of Simple Anchors* Anne M. Farrell, Anne M. Farrell Miami UniversitySearch for more papers by this authorSusan D. Krische, Susan D. Krische American UniversitySearch for more papers by this authorKaren L. Sedatole, Karen L. Sedatole Michigan State UniversitySearch for more papers by this author Anne M. Farrell, Anne M. Farrell Miami UniversitySearch for more papers by this authorSusan D. Krische, Susan D. Krische American UniversitySearch for more papers by this authorKaren L. Sedatole, Karen L. Sedatole Michigan State UniversitySearch for more papers by this author First published: 17 February 2011 https://doi.org/10.1111/j.1911-3846.2010.01062.xCitations: 10 † Accepted by Alan Webb. We are grateful to Net Worth Strategies, Inc. (http://www.networthstrategies.com) for sharing the proprietary data used in this project, especially William Briggs, President and CEO, and Bill Dillhoefer, Vice President of Marketing. Thanks to Associate Editor Alan Webb and two anonymous reviewers for their exceptional guidance. For helpful comments we thank Rob Bloomfield, Sarah Bonner, Jan Bouwens, Brooke Elliott, James Gong, Jeffrey Hales, Josh Herbold, Aleecia Hibbets, Chris Ittner, Kevin Jackson, Robert Libby, Kevin Murphy, Mark Nelson, Patricia O'Brien, Mark Peecher, Tatiana Sandino, Devin Shanthikumar, Bill Taylor, Kristy Towry, Thomas Vance, Alan Webb, Sally Widener, Wilda Womanac, and Mark Young; workshop participants at Texas A&M, Cornell, Emory, Georgetown, George Mason, and Rice Universities and the Universities of Alberta, Illinois at Chicago, Kentucky, Montana, Southern California, and Waterloo; and participants at the 10th Biennial Behavioral Decision Research in Management Conference, the 2007 Global Management Accounting Research Symposium, the 2007 AAA Annual Meeting, and the 2007 AAA Management Accounting Section Conference. We also thank those who commented on pilot materials and helped recruit experiment participants. We benefited from the research assistance of Drew Reffett, Darcie Streckfuss, Charlie Yuan, and Alex Woods, and from the insights of Brian Enright at Compensation Consulting Consortium. We acknowledge the generous financial support of the University of Illinois Campus Research Board. This research was submitted for publication while Susan D. Krische was an Academic Fellow at the U.S. Securities and Exchange Commission (SEC) and affiliated with the University of Illinois. As a matter of policy, the SEC disclaims responsibility for any private publications or statements by any of its employees or contractors. The views expressed are those of the authors, and do not necessarily represent the views of the SEC or its staff. Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume28, Issue3Fall 2011 (September)Pages 747-793 RelatedInformation