A vast literature documents negative skewness in stock index return distributions on several markets. We approach the issue of negative skewness from a different angle than in previous studies by combining the Trueman (1997) model of management disclosure practices with symmetric market...

We analyze factors driving exercise price policy for executive option plans (ESOPs), and their scope, in a country where firms are not subject to such tax and accounting considerations, that have seemed to led to a dominance of at-the-money options in the U.S. Our “unbounded” data for...

We analyze the factors that drive exercise price policy for executive option plans (ESOPs) and their scope in a country where firms are not subject to the tax and accounting considerations that seem to have led to the dominance of at-the-money options in the US Our “unbounded” data for...

Recent research documents that institutional or large investors act as antagonists to other investors by showing opposite behavior following disclosure of new information. Using an extremely comprehensive official transactions data set from Finland, we set out to explore the interrelation...

This paper reports empirical results on the determinants of the authorization decision for share repurchases and dividends in Finland. We use a data set with precise data on share repurchases as well as characteristics for the option programs. Contrary to the U.S., we use a data set where 41% of...

Changes in taxation of corporate dividends offer excellent opportunities to study dividend clientele effects. We explore payout policies and ownership structures around a major tax reform that took place in Finland in 2004. Consistent with dividend clienteles affecting firms' dividend policy...