The Market Reaction to Listed Companies” Initial Disclosure of Stock-based Incentive Plan in China

摘要：

Taking the listed companies which initially disclose Stock-based Incentive Plan as study subject and using the events study approach to compute cumulated abnormal returns (CAR),this paper studies changes of CAR before and after stock-based incentive plan disclosed.We find a significant positive market reaction after the disclosure;an insignificant positive market reaction 34 days before the disclosure;an insignificant negative market reaction 40 days to 90 days before the disclosure.

关键词： Events studies Market reaction Stock-based Incentive Plan

作者: Xiao Shufang Xuan Ran Zhang Chenyu

作者单位: School of Management & Economics,Beijing Institute of Technology

会议类型: 国内会议

会议名称: 第四届公司治理国际研讨会

会议地点: 天津

会议语种:英文

页码: 467-477

在线出版日期: 2007-11-03（万方平台首次上网日期，不代表论文的发表时间）