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1、JournalofEconomicPerspectives—Volume17,Number3—Summer2003—Pages49–70TheTroublewithStockOptionsBrianJ.HallandKevinJ.MurphyhemostpronouncedchangeincorporatecompensationpracticesoverthepastdecadeistheescalationandrecentdeclineinexecutiveandTemployeestockopti
2、ons.In1992,rmsintheStandard&Poor’s500grantedtheiremployeesoptionsworthatotalof$11billionatthetimeofgrant;by12000,optiongrantsinS&P500rmsincreasedto$119billion.In2002,optiongrantsintheS&P500fellto$71billion,wellbelowtheirpeak,butstillasix-foldincreasefroma
3、decadeearlier.Despite—orperhapsbecauseof—theirgrowingimportance,employeestockoptionshavebecomeincreasinglycontroversial.Themainargumentinfavorofstockoptionplansisthattheygiveexecutivesagreaterincentivetoactintheinterestsofshareholdersbyprovidingadirectlin
4、kbetweenrealizedcompensationandcompanystockpriceperformance.Inaddi-tion,offeringemployeestockoptionsinlieuofcashcompensationallowscompa-niestoattracthighlymotivatedandentrepreneurialemployeesandalsoletscompaniesobtainemploymentserviceswithout(directly)exp
5、endingcash.Optionsaretypicallystructuredsothatonlyemployeeswhoremainwiththermcanbenetfromthem,thusalsoprovidingretentionincentives.Finally,stockoptionsencour-ageexecutiverisktaking,whichcanmitigateproblemswithexecutiveriskaversion.Buttheincentivesprovided
6、bystockoptionshavealsobeencriticized.TherecentaccountingscandalsatEnron,WorldCom,GlobalCrossingandothercom-1Optionvaluesarein2002-constantdollarsandarebasedonCompustat’sExecuCompdata;seeFigure1belowforcalculationdetails.DataarenotavailableforallS&P500rms;
7、thetotalforS&P500rmsisestimatedas500timestheaveragegrantforS&P500rmswithavailabledata.yBrianJ.HallisProfessorofBusinessAdministration,GraduateSchoolofBusiness,HarvardUniversity,Boston,Massachusetts.KevinJ.MurphyisE.MorganStanleyChairinBusinessAdministrati
8、on,MarshallSchoolofBusiness,UniversityofSouthernCalifornia,LosAngeles,California.50JournalofEconomicPerspectivespanieshavebeenlinkedtoexcessiverisktakingandanexcessivexationonstockprices,bothallegedlycausedbytheesca
