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You Can't Take It With You: Sunset Provisions for Equity Compensation When Managers Retire, Resign, or Die

机译:你不能随身携带:经理人退休,辞职或死亡时的股权补偿日落规定

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摘要

Company stock option plans have diverse “sunset” policies for modifying terms of options held by managers who exit the firm. In our S&P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on skilled human capital, and high strategic interaction with competitors. While these results apply forworkers who retire at the end of their careers, almost no variation exists in the treatment of workers who resign with the possibility of working elsewhere. We show that these features of firms’ option plans directly impact management turnover. For CEOs over age 60, companies’ sunset rules imply large discounts to option award values and estimates of total compensation. The authors appreciate helpful comments from Manuel Ammann, Patrick Bolton, Jennifer Carpenter, Don Chance, Stephen Choi, John Core, Joan Heminway, Tracie Woidtke, and seminarparticipants at Chinese University Hong Kong, Fordham University, Georgetown University,Mannheim University, University of St. Gallen, University of Tennessee, and the Gerzensee European Summer Symposium in Financial Markets.
机译:公司股票期权计划具有多种“日落”政策,用于修改退出公司的经理人持有的期权条款。在我们的S&P 500样本中,以快速增长,对熟练人力资本的依赖以及与竞争对手之间的高度战略互动为特征的公司,这些没收,归属和到期条款相对较少。虽然这些结果适用于在职业生涯结束后退休的工人,但对于因可能在其他地方工作而辞职的工人的待遇,几乎没有变化。我们证明了公司期权计划的这些特征直接影响管理人员的营业额。对于60岁以上的CEO,公司的日落规定意味着对期权奖励价值和总薪酬估算有很大的折扣。作者对Manuel Ammann,Patrick Bolton,Jennifer Carpenter,Don Chance,Stephen Choi,John Core,Joan Heminway,Tracie Woidtke的有益评论以及香港中文大学,福特汉姆大学,乔治敦大学,曼海姆大学,圣路易斯大学的研讨会参与者表示赞赏Gallen,田纳西大学和Gerzensee欧洲夏季金融市场研讨会。

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