Contribution à l'analyse des déterminants du comportement d'exercice des porteurs de stock options: une étude empirique sur le marché Américain

Hamza Bahaji ()
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Hamza Bahaji: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper aims to contribute to previous research on stock-option holders exercise behavior. It gives rise to new factors affecting behavior of stock-option holders. We used private data on 52 534 exercise transactions within 12 US listed companies. Our results are consistent with the empirical literature findings in that they show empirical evidence on underlying economic and psychological factors affecting exercise behavior. More specifically, we found that exercise is negatively linked to firm-specific risk. In addition, we document that exercise behavior is influenced by the stock-option anchorage in the industry culture of the firm. Moreover, exercise displays myopic behavior denoting mental accounting bias.Finally, it turns out that exercise behavior is heterogeneous over time and firms.

Keywords: Exercise Behavior; Psychological Factors; Rational Factors; Behavioral Finance; Mental accounting; Stock-options; Comportement d'exercice; Facteurs psychologiques; Facteurs rationnels; Finance comportementale; Comptabilité Mentale (search for similar items in EconPapers)
Date: 2009-09-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00512840v2
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