Lionel Martellini, Branko Urosevic: Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex-ante, i.e. before uncertainties are resolved, cash bonuses are valued ex-post, i.e. by discounting the realised cash grants.
Professor of Finance, EDHEC Graduate School of Business
Assistant Professor of Finance, CREFC, Department of Economics and Business,Universitat Pompeu Fabra
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|Research Cluster :||Finance|