14 nov. 2016 - results also show CEO timing ability. CEOs accelerate earnings announcements when they have to exercise their stock options close to expiry,.
Mme NASSIMA SELMANE Soutiendra sa thèse en vue de l'obtention du diplôme Doctorat en Sciences de Gestion Le: 02 décembre 2016 à 10h00 Salle des thèses Sur le sujet: CEO Stock Option Exercises: Private Information and Earnings Announcements
Le jury se compose comme suit: Qualité
Etablissement
Rôle
Mme FANY DECLERCK
PROFESSEUR DES UNIVERSITES
UNIVERSITE TOULOUSE 1
Membre du jury
Mme EDITH GINGLINGER
PROFESSEUR DES UNIVERSITES
UNIVERSITE PARIS DAUPHINE
Rapporteur du jury
M. ALEXANDER GUEMBEL
PROFESSEUR DES UNIVERSITES
UNIVERSITE TOULOUSE 1
Directeur de recherches
M. ZACHARIAS SAUTNER
PROFESSEUR
FRANKFURT SCHOOL OF FINANCE & MANAGEMENT
Rapporteur du jury
M. JOHN THANASSOULIS
PROFESSEUR
UNIVERSITY OF WARWICK
Rapporteur du jury
Nom
Résumé de la thèse This dissertation contains three chapters. Chapter 1 presents a description of stock option compensation and discusses the existing literature on stock option awards and exercises. Chapter 2 investigates CEO exercise behavior in the most important French companies. The results provide evidence of information timing of option exercises. Chapter 3 examines annual earnings announcement and its relation with CEO exercise decisions. The results of this chapter indicate that earnings are more likely to exceed analyst forecasts when CEOs exercise their options close to expiry shortly after the announcements. The likelihood of positive surprise increases when option exercises are followed by stock sales. The results also show CEO timing ability. CEOs accelerate earnings announcements when they have to exercise their stock options close to expiry, especially when they sell the obtained shares. Chapter 3 shows that CEOs use a higher level of discretionary accruals when they have to exercise options that are about to expire.
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