Hennig, Jan Christoph; Hullmann, Rieke; Rau, Holger A.; … - 2021
Many firms use equity-based profit sharing to boost participation in employee stock purchase plans (ESPPs). Using a large panel data set (N=262,824) of a multinational firm, we compare the reactions of former ESPP participants and non-participants to a profit sharing distribution (PSD). We find...
