Edmans, Alex; Fang, Vivian; Lewellen, Katharina A. - C.E.P.R. Discussion Papers - 2014
the amount of stock and options scheduled to vest in a given year as an instrument for equity sales. Such vesting is … average R&D/assets ratio. Vesting-induced equity sales also increase the likelihood of meeting or marginally beating analyst … incentives that is not driven by the current contracting environment – vesting-induced equity sales – our paper suggests that CEO …