We develop a mode compensation that maximizes the value of stockholders when the firm manger receives a compensation package that includes options with a pre determined strike price when the manager is both risk and effort averse.
Optimal Strike Prices of Stock Options for Effort Averse Executives,” Journal of Banking and Finance, 2008, Vol. 32 (2), pp. 229–239 (2008).
BAR-YOSEF, SASSON;
2008
Abstract
We develop a mode compensation that maximizes the value of stockholders when the firm manger receives a compensation package that includes options with a pre determined strike price when the manager is both risk and effort averse.
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