This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public ...This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public policies of executive stock options, it is important to understand some of the factors that will drive a company＇s decision in order to adopt an ESOP. First, an analysis evaluates what kind of company＇s characteristics is associated with these plans. Second, an analysis examines the company characteristics that predict the adoption of such plans. This paper contributes to that stream of accounting research by identifying several factors to the adoption of ESOP. The study finds that intellectual capital （consisting of human capital efficiency （HCE）, structural capital efficiency （SCE）, and capital employed efficiency （CEE））, risk, and financial constraints （FC） affect the adoption and maintenance of stock option plans, these conditions will be increasingly supported in companies that experience relatively rapid growth. HCE, risk, and FC are significant predictors of the adoption and maintenance of ESOP. The companies who have some difficulties in observing human capital＇s behavior are more likely to adopt executive stock options, and based on our theoretical review, this is a rational course of action. Firms with higher levels of business risks are less likely to shift some of the risks to employees through stock-based compensation, whereas firms with higher variability in total shareholder returns are more likely to adopt executive stock options. Overall, our results suggest that higher monitoring costs prompt firms to adopt and maintain ESOP.展开更多
The Ryman-Laikre （R-L） effect is an increase in inbreeding and a reduction in total effective population size （NET） in a combined captive-wild system, which arises when a few captive parents produce large numbers ...The Ryman-Laikre （R-L） effect is an increase in inbreeding and a reduction in total effective population size （NET） in a combined captive-wild system, which arises when a few captive parents produce large numbers of offspring. To facilitate evaluation of the R-L effect for scenarios that are relevant to marine stock enhancement and aquaculture, we extended the original R-L formula to explicitly account for several key factors that determine NeT, including the numbers of captive and wild adults, the ratio of captive to wild Ne/N （β）, productivity of captive and wild breeders, and removal of individuals from the wild for captive breeding. We show how to provide quantitative answers to questions such as： What scenarios lead to no loss of effective size？ What is the maximum effective size that can be achieved？ and What scenarios insure that NeTWill be no smaller than a specified value？ Important results include the following： （1） For large marine populations, the value of β becomes increasingly important as the captive contribution increases. Captive propagation will sharply reduce NeT unless the captive contribution is very small or β is very large （～10^3 or higher）. （2） Very large values of β are only possible if wild Ne/N is tiny. Therefore, large wild populations undergoing captive enhancement at even modest levels will suffer major reductions in effective size unless wild Ne is a tiny fraction of the census size （about 10 4 or lower）.展开更多
The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only ...The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only recently and the asymptotic theory of parameter estimation for the DCC model has not yet to be fully discussed. In this paper, we propose an alternative model, namely the scalar dynamic conditional correlation(SDCC) model. Sufficient and easily-checked conditions for stationarity, geometric ergodicity, andβ-mixing with exponential-decay rates are provided. We then show the strong consistency and asymptotic normality of the quasi-maximum-likelihood estimator(QMLE) of the model parameters under regular conditions.The asymptotic results are illustrated by Monte Carlo experiments. As a real-data example, the proposed SDCC model is applied to analyzing the daily returns of the FSTE(financial times and stock exchange) 100 index and FSTE 100 futures. Our model improves the performance of the DCC model in the sense that the Li-Mc Leod statistic of the SDCC model is much smaller and the hedging efficiency is higher.展开更多
文摘This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public policies of executive stock options, it is important to understand some of the factors that will drive a company＇s decision in order to adopt an ESOP. First, an analysis evaluates what kind of company＇s characteristics is associated with these plans. Second, an analysis examines the company characteristics that predict the adoption of such plans. This paper contributes to that stream of accounting research by identifying several factors to the adoption of ESOP. The study finds that intellectual capital （consisting of human capital efficiency （HCE）, structural capital efficiency （SCE）, and capital employed efficiency （CEE））, risk, and financial constraints （FC） affect the adoption and maintenance of stock option plans, these conditions will be increasingly supported in companies that experience relatively rapid growth. HCE, risk, and FC are significant predictors of the adoption and maintenance of ESOP. The companies who have some difficulties in observing human capital＇s behavior are more likely to adopt executive stock options, and based on our theoretical review, this is a rational course of action. Firms with higher levels of business risks are less likely to shift some of the risks to employees through stock-based compensation, whereas firms with higher variability in total shareholder returns are more likely to adopt executive stock options. Overall, our results suggest that higher monitoring costs prompt firms to adopt and maintain ESOP.
文摘The Ryman-Laikre （R-L） effect is an increase in inbreeding and a reduction in total effective population size （NET） in a combined captive-wild system, which arises when a few captive parents produce large numbers of offspring. To facilitate evaluation of the R-L effect for scenarios that are relevant to marine stock enhancement and aquaculture, we extended the original R-L formula to explicitly account for several key factors that determine NeT, including the numbers of captive and wild adults, the ratio of captive to wild Ne/N （β）, productivity of captive and wild breeders, and removal of individuals from the wild for captive breeding. We show how to provide quantitative answers to questions such as： What scenarios lead to no loss of effective size？ What is the maximum effective size that can be achieved？ and What scenarios insure that NeTWill be no smaller than a specified value？ Important results include the following： （1） For large marine populations, the value of β becomes increasingly important as the captive contribution increases. Captive propagation will sharply reduce NeT unless the captive contribution is very small or β is very large （～10^3 or higher）. （2） Very large values of β are only possible if wild Ne/N is tiny. Therefore, large wild populations undergoing captive enhancement at even modest levels will suffer major reductions in effective size unless wild Ne is a tiny fraction of the census size （about 10 4 or lower）.
基金supported by National Natural Science Foundation of China(Grant No.71771224)National Social Science Foundation of China(Grant Nos.14ZDA044 and 15BGJ037)+1 种基金the Program for National Statistics Science Research Plan(Grant No.2016LD02)the Program for Innovation Research in Central University of Finance and Economics
文摘The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only recently and the asymptotic theory of parameter estimation for the DCC model has not yet to be fully discussed. In this paper, we propose an alternative model, namely the scalar dynamic conditional correlation(SDCC) model. Sufficient and easily-checked conditions for stationarity, geometric ergodicity, andβ-mixing with exponential-decay rates are provided. We then show the strong consistency and asymptotic normality of the quasi-maximum-likelihood estimator(QMLE) of the model parameters under regular conditions.The asymptotic results are illustrated by Monte Carlo experiments. As a real-data example, the proposed SDCC model is applied to analyzing the daily returns of the FSTE(financial times and stock exchange) 100 index and FSTE 100 futures. Our model improves the performance of the DCC model in the sense that the Li-Mc Leod statistic of the SDCC model is much smaller and the hedging efficiency is higher.
