Journal of Financial Economics·Volume 127, Issue 1·January 2018

退出的选择：员工股票期权对员工流动率的影响

作者：Serdar Aldatmaz（George Mason University, School of Business）

Paige Ouimet（University of North Carolina at Chapel Hill, Kenan-Flagler Business School）

Edward DVan Wesep（University of Colorado at Boulder, Leeds School of Business）

摘要：我们表明，在广泛基础的员工股票期权（BBSO）授予之后的几年中，授予公司的员工流失率下降。我们通过利用未被选择的期权价值的意外变化找到与因果关系一致的证据。但流失率下降的很大一部分似乎是暂时的，因为在BBSO计划通过之后的第三年，流失率在增加。期权授予后三年的流失率增长量与前三年的流失率累计减少量相等，这表明长期的BBSO计划会延迟而不是阻止流失员工。

关键词：员工股票期权，流失率

The option to quit: The effect of employee stock options on turnover

Serdar Aldatmaz（George Mason University, School of Business）

Paige Ouimet（University of North Carolina at Chapel Hill, Kenan-Flagler Business School）

Edward DVan Wesep（University of Colorado at Boulder, Leeds School of Business）

ABSTRACT

We show that in the years following a large broad-based employee stock option (BBSO) grant, employee turnover falls at the granting firm. We find evidence consistent with a causal relation by exploiting unexpected changes in the value of unvested options. A large fraction of the reduction in turnover appears to be temporary with turnover increasing in the third year following the year of the adoption of the BBSO plan. The increase three years post-grant is equal in magnitude to the cumulative decrease in turnover over the three prior years, suggesting that long-vesting BBSO plans delay, instead of prevent, turnover.

Keywords：Employee stock options, Turnover

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X1730257X#!

翻译：何杉