홍콩 대학교에서 Options & Futures수업에서 스톡옵션에 대하여 쓴 영문 리포트입니다. 스톡옵션에 대한 일반적인 소개에서 부터, 보상이 어떻게 이루어지는지 등에 대해 썼습니다. 중간에 애플의 스티브 잡스 케이스도 나오구요. A0을 받은 리포트입니다. 감사합니다.
General information about Stock Option Compensation
Cost for the Company
Expensing Executive Stock Options?
It is common use that executives get their compensation in two parts, a fixed (monthly) salary and a variable part depending on the firm’s performance. In this report we will provide general information about stock option remuneration and we will discuss the specific Sally Jameson case.
The main part of this report consists of general information about stock option compensation. Initially, we will deal with the incentives and the disadvantages of stock option compensation, subsequently two possible improvements in compensation policy will be argued and finally the cost for the company and a change in accounting principles are discussed.
We want to conclude this introduction by referring to the example of stock option compensation in the text box below, which shows that one of the most respected CEO’s in the world is paid with stock options.
Agliardi, E; Andergassen, R (2005), Incentives of Stock Option Based Compensation, Review of Quantitative Finance & Accounting, Aug 2005, Vol. 25 Issue 1, p21-32.
Brooks, M. (2006). Accountancymagazine.com, Vol. 138 Issue 1358, page 20, October 2006
Cassano, M. (2003), Executive Stock Options: Back to Basics, Australian Economic Review, Sep2003, Vol. 36 Issue 3, p306-315.
Chaffin, B (2000), Steve Jobs: Staggering Options And A Nice Plane Later... What It All Means”, Mac Observer, Jan 20th, 2000
Deshmukh, S.; Howe, K.M.; Luft, C (2004), Stock Options Expensing and Corporate Governance, Strategic Finance, July 2004, Vol. 86 Issue 1, p41-44.
Deshmukh, S.; Howe, K.M.; Luft, C (2006), Executive Stock Options: To Expense or Not?, Financial Management, Spring 2006, Vol. 35 Issue 1, p87-106/
The Economist, 6/3/2006, Vol. 379, Issue 8480, Looking for alternatives.