Executive Compensation and Short-termist Behavior in Speculative Markets

We present a multiperiod agency model of stock based executive compensation in a speculative stock market, where investors are overconfident and stock prices may deviate from underlying fundamentals and include a speculative option component. This component arises from the option to sell the stock

本文提出了一个适用于投机性股票市场的、基于股票的高管薪酬（stock based executive compensation）多期委托代理模型（multiperiod agency model）。该市场中投资者存在过度自信行为，股票价格可能偏离其内在基本面价值，并包含一项投机性期权成分（speculative option component），该成分源于股票的卖出期权（option to sell the stock）。