In this paper, I investigate whether participation in employee stock option exchange programs contains private information about future stock returns. High participation in employee stock option exchange programs is associated with negative future abnormal returns over the ensuing 12-month period. This association is moderated by the transparency of the firm's information environment: high institutional ownership and high financial statement informativeness weaken the negative relation between participation and abnormal returns.
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- Partial requirement for: Ph. D., Arizona State University, 2013Note typethesis
- Includes bibliographical references (p. 43-48)Note typebibliography
- Field of study: Accountancy