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Skovoroda, R., Bruce, A. 
ORCID: 0000-0001-5748-0701, Buck, T. and Gregory-Smith, I.,
2019.
Cost-efficient performance-vesting equity.
Economics Letters, 182, pp. 37-39.
ISSN 0165-1765
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Official URL: http://doi.org/10.1016/j.econlet.2019.06.002
Abstract
We analyze the incentive effects of the Performance-Vesting Equity (PVE) component of executive pay that is characterized by zero exercise price and performance-contingent vesting. We demonstrate how PVE with upward-sloping convex/concave vesting curves can be a more efficient risk-sharing and incentive alignment device than strictly convex stock options.
| Item Type: | Journal article | ||||||
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| Publication Title: | Economics Letters | ||||||
| Creators: | Skovoroda, R., Bruce, A., Buck, T. and Gregory-Smith, I. | ||||||
| Publisher: | Elsevier | ||||||
| Date: | September 2019 | ||||||
| Volume: | 182 | ||||||
| ISSN: | 0165-1765 | ||||||
| Identifiers: |
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| Divisions: | Schools > Nottingham Business School | ||||||
| Record created by: | Jonathan Gallacher | ||||||
| Date Added: | 13 Jun 2019 08:55 | ||||||
| Last Modified: | 31 May 2021 15:12 | ||||||
| URI: | https://irep.ntu.ac.uk/id/eprint/36750 |
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