The John M. Olin Center

Paper Abstract

573. Lucian Bebchuk, Yaniv Grinstein & Urs Peyer, Lucky Directors, 12/2006.

Abstract: While prior empirical work and much public attention have focused on the opportunistic timing of executives’ grants, we provide in this paper evidence that outside directors’ option grants have also been favorably timed to an extent that cannot be fully explained by sheer luck. Examining the option grants provided by public firms to outside directors during 1996-2005, we find that:

573: PDF