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Employee Stock Options: Exercise Timing, Hedging, And Valuation (Hardcover)
Loot Price: R2,022
Discovery Miles 20 220
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Employee Stock Options: Exercise Timing, Hedging, And Valuation (Hardcover)
Series: Modern Trends In Financial Engineering, 3
Expected to ship within 9 - 15 working days
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Employee stock options (ESOs) are an integral component of
compensation in the US. In fact, almost all S&P 500 companies
grant options to their top executives, and the total value accounts
for almost half of the total pay for their CEOs. In view of the
extensive use and significant cost of ESOs to firms, the Financial
Accounting Standards Board (FASB) has mandated expensing ESOs since
2004. This gives rise to the need to create a reasonable valuation
method for these options for most firms that grant ESOs to their
employees. The valuation of ESOs involves a number of challenging
issues, and is thus an important active research area in
Accounting, Corporate Finance, and Financial Mathematics.In this
exciting book, the author discusses the practical and challenging
problems surrounding ESOs from a financial mathematician's
perspective. This book provides a systematic overview of the
contractual features of ESOs and thoughtful discussions of
different valuation approaches, with emphasis on three major
aspects: (i) hedging strategies; (ii) exercise timing; and (iii)
valuation methodologies. In addition to addressing each of these
categories, this book also highlights their connections and
combined effects of the cost of ESOs to firms, as well as examines
the implications to modeling and valuation approaches. The book
features a unique approach that combines stochastic modeling and
control techniques with option pricing theory, and provides
formulas and numerical schemes for fast implementation and clear
illustration.
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