Asset Pricing Anomalies on Polish Stock Market According to Employee Stock Options

Michał Łukowski , Wiesława Przybylska-Kapuścińska


The article presents asset pricing anomalies on Polish Stock Market due to implementation and exercise of the employee stock options (ESO). Such mispricing of the stock is a result of the investors' expectations according to the market and non-market conditions of ESOs as they may influence company's future performance. Implementation and exercise of the ESOs makes it possible to examine polish market effectiveness and analyse investors' behaviour. The research conducted for this paper reveals the influence of the company itself as well as the decisions made by investors. The aim of the article is to verify if a different set of market and non-market conditions results in various changes of the stock price.
Author Michał Łukowski (WE / KTPiPP)
Michał Łukowski,,
- Department of Money Theory and Monetary Policy
, Wiesława Przybylska-Kapuścińska (WE / KTPiPP)
Wiesława Przybylska-Kapuścińska,,
- Department of Money Theory and Monetary Policy
Journal seriesJournal of Economics and Management, ISSN 1732-1948, (B 12 pkt)
Issue year2015
Publication size in sheets0.5
Keywords in PolishOpcje na akcje dla pracowników, Giełda papierów wartościowych, Wycena aktywów, Opcje
Keywords in EnglishEmployee stock options, Stock market, Valuation of assets, Options
Languageen angielski
Score (nominal)12
Score sourcejournalList
ScoreMinisterial score = 12.0, 30-12-2019, ArticleFromJournal
Ministerial score (2013-2016) = 12.0, 30-12-2019, ArticleFromJournal
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