Traditional stock option grant is the most common form of incentive pay in executive
compensation. Applying a principal-agent analysis, we find this common practice suboptimal …

High-profile corporate scandals earlier in this decade provoked outrage and legislative
action; however, corporate executive-level ethical lapses continue to come to light. This …

In this monograph, we have discussed various aspects of corporate governance and risk
management from an international viewpoint and with a special focus on Brazil and …

Thanks to the reduced price and less exposition to sudden crashes or price hikes, the Asian
option is among the most favorable hedging instruments that are hard to be manipulated, in …

In this paper, we examine managerial gaming of different types of equity grants, both at the
initial award of the equity grants (front‐end gaming) and the unwinding of the equity …

Prior research suggests that Asian stock options provide stronger managerial equity
incentives than traditional stock options do, holding the cost of the option grant constant …

As popular hedging instruments hard to be manipulated, Asian options are the most
favorites in the commodity market and are particularly appropriate in executive …

Prior research suggests that Asian stock options provide stronger managerial equity
incentives than traditional stock options do, holding the cost of the option grant constant …

Traditional stock option grant is the most common form of incentive pay in executive
compensation. In this paper, we argue that this common practice is suboptimal and firms …

In this thesis, a new type of path-dependent options, referred to as the average-Asian
options, are introduced to further reduce the volatility of the underlying price risk and …