Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: This article conducts an event study estimating the impact on share prices of announcements of the introduction of incentive-based pay by Danish companies listed on the stock market. Danish firms have only recently started to use stock-dependent incentive programmes which involve stock options and warrants, whereas em - ployee share schemes have been in use for several years. The article finds that the abnormal return on the day of the announcement day is positive and significantly dif fe - rent from zero, suggesting that stock-related incentive programmes create shareholder value. When the data set is broken down, only stock options and warrants are found to have a significant positive influence on the abnormal returns.

Keywords: Aktiemarkedet; incitamentsprogrammer

JEL-codes: A10

Language: Danish

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