净化分配激励兼容[文献翻译]2011-01-11.docVIP

原文： Purification of incentive compatible allocations James Bergin Abstract. This paper examines the relative incentive costs of using stock versus options in management incentive contracts that use market price as the performance measure. We establish that if the manager’s effort has little or no effect on a firm’s operating risk, then the cost of incentive risk is less using stock rather than options. However, this result is reversed if the manager’s effort has a significant impact on the firm’s operating risk. Keywords: Incentive efficiency, employee stock options, executive compensation A