Cheap Stock Options: Antecedents and Outcomes

The authors gratefully acknowledge comments from Brian Cadman, Mary Ellen Carter, Shane Dikoli, Wayne Guay, Robert Holthausen, Catherine Schrand, and Michael Stuart as well as workshop participants at Aalto University School of Business, Alliance Manchester Business School, BI Norwegian Business School, Boston University, City University of Hong Kong, Columbia University, Copenhagen Business School, Kent State University, National University of Singapore, Ohio State University, Stockholm School of Economics, Tel Aviv University Accounting Conference, University of Manchester, University of Miami, University of Pennsylvania, and University of Virginia Corporate Governance and Executive Compensation Research Series. The authors also thank Brandon Greenawalt, Andri Hail, Weilin Hu, Yelin Hu, Shawn Kim, Caroline Li, Molly O’Hern, Alex Petrescu, Sophia Poersch, Jia Wei Teo, Rhea Vasani, Aman Virdi, and Youssef Yacoubi for their research assistance.