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Financial Analysts Journal Volume 60, 2004 - Issue 1
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EQUITY INVESTMENTS

How to Value Employee Stock Options

John Hull John Hull is Maple Financial Professor of Derivatives and Risk Management at Joseph L. Rotman School of Management, University of Toronto.
&
Alan White Alan White is Mitchelson/SIT Foundation Professor of Investment Strategy at Joseph L. Rotman School of Management, University of Toronto.
Pages 114-119 | Published online: 02 Jan 2019

References

  • Black, F., and M. Scholes. 1973. “The Pricing of Options and Corporate Liabilities.” Journal of Political Economy, vol. 81, no. 3 (May–June): 637–659.
  • Cox, J.C., and M. Rubinstein. 1985. Option Markets. Upper Saddle River, NJ: Prentice Hall.
  • Cox, J.C., S. Ross, and M. Rubinstein. 1979. “Option Pricing: A Simplified Approach.” Journal of Financial Economics, vol. 7, no. 3 (September): 229–264.
  • Carpenter, J. 1998. “The Exercise and Valuation of Executive Stock Options.” Journal of Financial Economics, vol. 48, no. 2 (May): 127–158.
  • FASB. 1995. “Statement of Financial Accounting Standards No. 123.” Accounting for Stock-Based Compensation. Stamford, CT: Financial Accounting Standards Board.
  • Galai, D., and M. Schneller. 1978. “Pricing Warrants and the Value of the Firm.” Journal of Finance, vol. 33, no. 5 (December): 1333–42.
  • Huddart, S., and M. Lang. 1996. “Employee Stock Option Exercises: An Empirical Analysis.” Journal of Accounting and Economics, vol. 21, no. 1 (February): 5–43.
  • Hull, J.C. 2002. Options, Futures and Other Derivatives5th ed.Upper Saddle River, NJ: Prentice Hall.
  • Rubinstein, M. 1995. “On the Accounting Valuation of Employee Stock Options.” Journal of Derivatives, vol. 3, no. 1 (Fall): 8–24.

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