PL EN


2014 | 48 | 4 |
Article title

Ustalanie ceny wykonania w programach opcji menedżerskich - praktyka spółek notowanych na GPW w Warszawie

Content
Title variants
Languages of publication
PL
Abstracts
PL
Artykuł nie zawiera abstraktu w języku polskim
EN
Employee stock options have become more popular in Poland since the beginning of this century. The paper shows, how companies listed on the Warsaw Stock Exchange determine the exercise price in employee stock options. The purpose of the article is critical reference to methods by using analysed companies. The author proposes the method which can be used to determine the exercise price. The formula shows the grant price as not a constant value. It depends on changes in the market and stocks volatility.
Keywords
PL
EN
Year
Volume
48
Issue
4
Physical description
Dates
published
2014
online
2015-05-26
Contributors
References
  • Akresh M.S., Hassan K.P. (1997), Stock Compensation Accounting under FAS I23: What We've Learned, "Journal of Corporate Accounting and Finance", 8 (Summer), s. 73-83.
  • Bettis J.C., Bizjak J.M., Lemmon M.L. (2005), Exercise Behavior, Valuation, and the Incentive Effects of Employee Stock Options, "Journal of Financial Economics", 76 (May), s. 445-470.
  • Employee Stock Options. The legal and administrative environment for Employee Stock Options in the EU (2003), Final Report of the Expert Group, European Commission, June.
  • Hall B.J., Murphy K.J. (2000), Optimal Exercise Prices for Executive Stock Options, "The American Economic Review", vol. 90, no. 2, Papers and Proceedings of the One Hundred Twelfth Annual Meeting of the American Economic Association (May), s. 209-214.
  • Kodeks spółek handlowych, Ustawa z dnia 15 września 2000 r., Dz. U. 2000 Nr 94 poz. 1037.
  • Majewska A. (2013), Instrumenty pochodne jako narzędzia wspomagające zarządzanie ryzykiem w przedsiębiorstwie, Wydawnictwo Volumina.pl, Szczecin.
  • Mun J. (2004), Valuing Employee Stock Options, John Wiley & Sons.
  • Rappaport A. (1999), New Thinking on How to Link Executive Pay with Performance, Harvard Business Review, March/April.
  • Rynek opcji menedżerskich w Polsce (2010), Trio Management.
  • Zalecenie Komisji z dnia 30 kwietnia 2009 r. uzupełniające zalecenia 200419I31WE i 20051I621WE w sprawie systemu wynagrodzeń dyrektorów spółek notowanych na rynku regulowanym (2009), Dziennik Urzędowy Unii Europejskiej.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.ojs-doi-10_17951_h_2014_48_4_131
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