scholarly journals Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk

2007 ◽  
Author(s):  
Thomas Philippon ◽  
Yuliy Sannikov
Keyword(s):  
Real Options ◽  
Financial Development ◽  
Business Risk ◽  
Agency Model ◽  
Dynamic Agency

E-Learning Business Risk Management with Real Options

2008 ◽  
Author(s):  
Georgios Angelou ◽  
Anastasios A. Economides
Keyword(s):  
Risk Management ◽  
Real Options ◽  
Business Risk ◽  
E Learning

Reward for Luck in a Dynamic Agency Model

2010 ◽  
Vol 23 (9) ◽  
pp. 3329-3345 ◽  
Author(s):  
Florian Hoffmann ◽  
Sebastian Pfeil
Keyword(s):  
Agency Model ◽  
Dynamic Agency

Alternatives to Traditional Repricing of Executive Stock Options

2011 ◽  
Vol 14 (01) ◽  
pp. 35-80 ◽  
Author(s):  
Jerry T. Yang
Keyword(s):  
Stock Options ◽  
Executive Stock Options ◽  
Agency Model ◽  
Subjective Value ◽  
Dynamic Agency ◽  
Accounting Rules ◽  
Incentive Measure ◽  
Reported Earnings ◽  
The Impact ◽  
Associated Variable

The main purpose of this paper is to examine two commonly used alternatives to traditional repricing (TR) of executive stock options (ESOs) in a dynamic agency model. TR practices have become obsolete since new accounting rules took effect in July 2000. To avoid associated variable accounting charges that cause uncertainty in future reported earnings, companies have tried several TR alternatives as solutions to rescuing underwater options. We justify the occurrence of TR alternatives and quantify the impact of the marking-to-market feature imbedded in the new accounting rules. We also propose an incentive measure which is comparable to the subjective value of ESOs claimed by Ingersoll, J (2006) to rank TR alternatives in terms of agent's incentive.

Financial Systems and economic Development in the Russian Regions: A Comparative Analysis

2015 ◽  
pp. 94-108 ◽  
Author(s):  
K. Krinichansky
Keyword(s):  
Economic Development ◽  
Comparative Analysis ◽  
Financial Development ◽  
Public Debt ◽  
Fixed Capital ◽  
Russian Regions ◽  
Growth Mechanisms ◽  
Financial Systems ◽  
Debt Market ◽  
Regions Of Russia

The paper identifies and assesses the closeness of the connection between incremental indicators of the financial development in the regions of Russia with the incremental regional GDP and the investment in fixed capital. It is shown that the positioning of the region as an independent participant of public debt market matters: the regional GDP and investment in fixed capital grow more rapidly in the regions which are regularly borrowing on the sub-federal bonds market. The paper also demonstrates that the poorly developed financial system in some regions have caused the imperfection of the growth mechanisms since the economy is not able to use the financial system’s functions.

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