Évolution et effets incitatifs des stock-options. Le cas des dirigeants du CAC 40

Abdelaziz Elmarzougui and Mohamed Arouri

Revue française de gestion, 2008, vol. n° 187, issue 7, 65-81

Abstract: This article studies the evolution and the incentive effects of stock options granted to the top executives of eighteen of the CAC40 companies between 1994 and 2003. A database on 184 stock options attribution plans is used in order to investigate the evolution and the sensitivity of stock options to changes in market value, strike and volatility. Our results show that stock options in France have grown dramatically between 1994 and 2003. Their values were closely linked to changes in stock prices, strike and volatility. In addition, we establish that the value of stock options is more sensitive to the specific performance associated with the effort and knowhow of executives than to the performance due to market fluctuations.

Date: 2008
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Related works:
Working Paper: Evolution et effets incitatifs des stocks options: le cas des dirigeants du CAC 40 (2008)
Working Paper: EVOLUTION ET EFFETS INCITATIFS DES STOCK-OPTIONS: LE CAS DES DIRIGEANTS DU CAC40 (2008)
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