This paper looks at the timing chosen by CEOs to exercise their stock options and to sell their shares of stock … exercise their options and/or sell their shares, and when other top managers should. Using a tournament approach we find that … other top executives should exercise their stock options later than the CEO. We test this model using an unique data set of …

implicites dans le prix des options; les VaR sont également vérifiées et comparées. …

This paper examines the impact of securities regulation and exchange listing standards on the valuation of venture …