Billett, Matthew T.; Mauer, David C.; Zhang, Yilei - In: Financial Management 39 (2010) 2, pp. 463-487
"We examine stock and bond price reactions to CEOs' first stock option and/or restricted stock grants that appear on ExecuComp. We find positive stock price and negative bond price reactions. Changes in CEO pay-performance (delta) and stock volatility (vega) sensitivities relate to the...