BEBCHUK, LUCIAN A.; GRINSTEIN, YANIV; PEYER, URS - In: Journal of Finance 65 (2010) 6, pp. 2363-2401
We study the relation between opportunistic timing of option grants and corporate governance failures, focusing on "lucky" grants awarded at the lowest price of the grant month. Option grant practices were designed to provide lucky grants not only to executives but also to independent directors....