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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

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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    Date Created
    • 2013
    Resource Type
  • Text
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    • Partial requirement for: Ph. D., Arizona State University, 2013
      Note type
      thesis
    • Includes bibliographical references (p. 43-48)
      Note type
      bibliography
    • Field of study: Accountancy

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    by Vanessa Radick Makridis

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