Tsai, Ching-Chieh; Wu, Chi-Cheng; Chang, Ruey-Dang - In: Emerging Markets Finance and Trade 48 (2012) 1, pp. 74-87
This paper examines the relationship between overvalued equity, managerial incentives, and corporate policy for firms … listed on the Taiwan Stock Exchange. The empirical evidence reveals that firms with higher overvalued equity opt for higher … overvalued equity, the sensitivity of managerial total wealth to the stock price, and stock option holdings incentives induce …