This paper explores the nature of governance both within and by blockchains and the economies they support. There is a widespread assumption that the proper governance model for these economies is political, i.e., democratic voting. In this paper we make an alternative claim, namely that a more...

In this paper we study whether stock option schemes affect firm technical inefficiency. We estimate Cobb-Douglas stochastic production frontier models using a novel panel data set on the publicly listed Finnish firms in the manufacturing and ICT sectors over the period from 1992 to 2002. We find...

This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...

This study examines the effects of shareholder support for equity compensation plans on subsequent chief executive officer (CEO) compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence that either lower...

Option-based measures of overconfidence are widely used as proxies for overconfidence in corporate finance. Overexposure of a CEO's wealth to the firm's idiosyncratic risk is taken as a sign of CEO overconfidence. The literature has used the measures to study the effect of managerial...

This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- and B-shares or A- and H-shares during 2001 - 2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to...

This paper aims to provide empirical evidence on the effects of CEO's share option remuneration and CEO's stock ownership on leasing. Financial contracting theory suggests that ownership structure is important determinant of capital structure, debt financing and leasing. Also, lease financing is...

We examine the potential confounding effects that awarding outside directors stock options may have on the quality of financial disclosure. By aligning their interests with those of shareholders, directors should be more inclined to monitor and disclose relevant information to investors....

This paper examines the relationship between firm performance and the recommendations provided by proxy advisory firms in the United States, regarding shareholder votes in stock option exchange programs. Using a comprehensive sample of stock option exchanges announced between 2004 and 2009, we...

As the debate over appropriate compensation disclosure continues, some firms have volunteered to recognize stock option costs within their income statements. On the one hand, stock option expensing can significantly enhance the legitimacy of the organization and restore shareholders' confidence...