The first empirical analysis of Zions Bancorporation's 2006 and 2007 auctions of Employee Stock Option Appreciation Rights Securities (ESOARS), this study examined (1) the impact of auction rules on bidding strategies and allocations, (2) the efficiency of the auction clearing prices, and (3)...

It is widely believed that contrary to standard asset allocation theory, employees irrationally hold concentrated investments in company stock in their 401(k) plans thus bearing firm-specific risk that could otherwise have been diversified away [See for example, Benartzi (2001)]. However, in...

According to the Revised FAS Statement No. 123 issued on December 16, 2004, (FAS123R) the accounting treatment of employee stock options (ESOs) for U.S. companies will be radically different in the near future. Although, FAS 123R does not specify a particular valuation technique as preferable,...

A review of recent developments in the Chinese bond market shows that China's private debt market, an important source of financing to foster economic growth, remains relatively small despite recent reforms. Investors at an information disadvantage demand a risk premium to lend money (i.e., buy...

And hence, it is precisely such active traders that may be shown not to have relied on the integrity of the market price or on the allegedly false statement but nevertheless remained in the class through settlement (because of the presumption at the certification stage) that might collect the...