Sadler, Graham Vernon (1999) Executive compensation & share options in UK quoted companies. PhD thesis, University of Warwick.

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Abstract

The topic of executive compensation has recently emerged as a legitimate field
for academic study. The rapid growth in publications has almost been matched by the
well-publicised growth in CEO remuneration. From the time of the first utility
privatisation in the UK, right up to current day, the topic of board room pay has rarely
been out of the news headlines or the academic journals.
This thesis makes several new contributions to the executive compensation
literature, primarily by providing an in depth analysis of the executive option holdings
of directors in the UK. Data on this aspect of executive compensation has until
recently been unavailable and as such this thesis represents the first work in the UK to
fully incorporate this element of remuneration for a large sample of companies.
Executive options have become an increasingly significant component in
executive compensation, yet their valuation and the incentive effects they create are
relatively poorly understood. This thesis attempts to undo these shortcomings by
providing a thorough analysis of the determinants and consequences of the level of
option information disclosure. Furthermore, it develops the rational for granting
executive options and describes the creation and distribution of the pay for
performance sensitivities created by holdings of executive options. Finally, it deals
with valuation issues that are particular to executive options.

Item Type:	Thesis or Dissertation (PhD)
Alternative Title:	Executive compensation and share options in UK quoted companies
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Library of Congress Subject Headings (LCSH):	Golden parachutes (Executive compensation) -- Great Britain, Employee stock options -- Great Britain
Official Date:	October 1999
Dates:	Date Event October 1999 Submitted
Institution:	University of Warwick
Theses Department:	Warwick Business School
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Conyon, M.
Extent:	xi, 243 leaves
Language:	eng

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