摘要(英) |
The incentive stock option is one way the companies use to encourage their employees to work diligently.
But sometimes the value is affected by the macroeconomics so that it is valueless even you work diligently.
This article will find the relationships between the value and the macroeconomics.
We use the GLM (Generalized Linear Model) estimated by the GEE (Generalized Estimating Equation) to describe the relationships between unemployment rate,
CPI, money supply, and the exchange rate with the value of incentive stock options in US.
The subprime loan crisis broke out in July 2008 in America, and the economic structures may be changed,
so we discuss the relationships in this specified time.
|
參考文獻 |
[1] Fisher, Irving (1930). The Theory of Interest. Macmillan.
[2] John H. Boyd, Ravi Jagannathan, Jian Hu (2005). "The Stock Market's Reaction to Unemployment News: Why Bad News is Usually Good for Stocks." Journal of Finance. Vol. 60, No.2, 649-672.
[3] Kenneth E. Homa, Dwight M. Jaffee (1971). "The Supply of Money and Common Stock Prices." Journal of Finance, Vol. 26, 1045-1066.
[4] Jonathan E. Ingersoll, Jr. (2006). "The Subjective and Objective Evaluation of Incentive Stock Options." Journal of Business, Vol. 79, No. 2, 453-487.
[5] Kung-Yee Liang, Scott L. Zeger (1986). "Longitudinal Data Analysis Using Generalized Linear Models." Biometrika, Vol. 73, Issue 1, 13-22.
[6] Christopher K. Ma, G. Wenghi Kao (1990). "On Exchange Rate Changes an Stock Price Reactions." Journal of Business Finance and Accounting, Vol. 17, No. 3, 441-449.
[7] Wei Pan (2001). "Akaike's Information Criterion in Generalized Estimating Equations." Biometrics, Vol. 57, No. 1, 120-125.
[8] Wei Pan (2001). "Model Selection in Estimating Equations." Biometrics, Vol.57, No.2, 529-534.
|