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An Empirical Test of Relation Between Executive Stock Options and Firm Performance
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作者 Guanju Chen Jifeng Mu Zongxian Feng 《Chinese Business Review》 2003年第3期47-53,共7页
Numerous firms adopted executive stock options plan for their executives. This study examines empirically the hypothesis that stock options help to improve the firml's operating performance. The empirical tests revea... Numerous firms adopted executive stock options plan for their executives. This study examines empirically the hypothesis that stock options help to improve the firml's operating performance. The empirical tests reveal a positive relation between the stock options and performance; also indicate that there is a positive relation between quantity of manager's stock options and firm's size. 展开更多
关键词 stock options firm performance profit per share correlation
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Dynamic Hedging Based on Markov Regime-Switching Dynamic Correlation Multivariate Stochastic Volatility Model
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作者 王宜峰 《Journal of Donghua University(English Edition)》 EI CAS 2017年第3期475-478,共4页
It is important to consider the changing states in hedging.The Markov regime-switching dynamic correlation multivariate stochastic volatility( MRS-DC-MSV) model was proposed to solve this issue. DC-MSV model and MRS-D... It is important to consider the changing states in hedging.The Markov regime-switching dynamic correlation multivariate stochastic volatility( MRS-DC-MSV) model was proposed to solve this issue. DC-MSV model and MRS-DC-MSV model were used to calculate the time-varying hedging ratios and compare the hedging performance. The Markov chain Monte Carlo( MCMC) method was used to estimate the parameters. The results showed that,there were obviously two economic states in Chinese financial market. Two models all did well in hedging,but the performance of MRS-DCMSV model was better. It could reduce risk by nearly 90%. Thus,in the hedging period,changing states is a factor that cannot be neglected. 展开更多
关键词 volatility return Correlation multivariate neglected deviation stochastic switching stock Gibbs
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