Psychological factors and stock option exercise

被引：251

作者：

Heath, C ^{[1
]}

Huddart, S

Lang, M

机构：

[1] Duke Univ, Durham, NC 27706 USA

[2] Univ N Carolina, Chapel Hill, NC USA

来源：

QUARTERLY JOURNAL OF ECONOMICS | 1999年 / 114卷 / 02期

关键词：

D O I：

10.1162/003355399556089

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate stock option exercise decisions by over 50,000 employees at seven corporations. Controlling for economic factors, psychological factors influence exercise. Consistent with psychological models of beliefs, employees exercise in response to stock price trends-exercise is positively related to stock returns during the preceding month and negatively related to returns over longer horizons. Consistent with psychological models of values that include reference points, employee exercise activity roughly doubles when the stock price exceeds the maximum price attained during the previous year.

引用

页码：601 / 627

页数：27

共 34 条

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