公司理財的推廣與應用(英文版)(ppt 31頁)

公司理財的推廣與應用(英文版)目錄：
1 Executive Stock Options
2 Valuing a Start Up
3 More on the Binomial Model
4 Shutdown and Reopening Decisions
5 Summary and Conclusions

公司理財的推廣與應用(英文版)內容提要：
Executive Stock Options：
Executive Stock Options exist to align the interests of shareholders and managers.
Executive Stock Options are call options (technically warrants) on the employer’s shares.
Inalienable
Typical maturity is 10 years.
Typical vesting period is 3 years.
Most include implicit reset provision to preserve incentive compatibility.
Executive Stock Options give executives an important tax break: grants of at-the-money options are not considered taxable income. (Taxes are due if the option is exercised.)

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