options to examine the response of option IV, as well as higher moments of the underlying return distribution, to … macroeconomic announcements. Additionally, the authors identify the response of the moments as a function of moneyness of the … options. Findings –The findings suggest that in-the-money and out-of-the money options have difference characteristics in …

decrease option grants to CEOs when equity is likely to be irrationally overvalued at the date when the CEO's options vest … addition, the model generates new testable predictions about managerial stock price manipulation, the number of options granted …, and the magnitude of the options’ strike prices that have not yet been formally tested. Orinality/value - This is the only …