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Lead Directorship, Corporate Governance, And Firm Performance, Bo Ouyang
Lead Directorship, Corporate Governance, And Firm Performance, Bo Ouyang
Accounting Dissertations
This dissertation empirically explores the role of the lead directorship in the corporate governance system and strives to empirically examine the association between the lead directorship and firm performance. I measure firm performance by three empirical proxies: Tobin's Q, returns on assets (ROA) and stock returns. I explore the research question on the relationship between lead directorship and firm performance in both cross-sectional and inter-temporal contexts. The sample consists of S & P 500 firms from 2001 to 2004 that have all the required financial, stock returns, and other relevant information. Overall, the empirical results of both cross-sectional and inter-temporal …
The Pricing And Determinants Of The Discretionary Component Of Employee Stock Option Value, Chii Shyan Kuo
The Pricing And Determinants Of The Discretionary Component Of Employee Stock Option Value, Chii Shyan Kuo
Accounting Dissertations
In this study, I first re-examine the pricing effect of employee stock option (ESO) value. I find a negative association between ESO value and share price, supporting the view that investors view ESO value as an expense of the firm. Further, I find a negative relation between the nondiscretionary component of ESO value (i.e., the expected ESO value) and stock price; this finding indicates that markets view the full ESO value as well as the nondiscretionary component of ESO value as an expense of the firm. Additionally, I find the discretionary component of ESO value (i.e., the unexpected ESO value) …