Craig A. Olson
504 E Armory
University of Illinois
Champaign, IL 61820
NBER Working Papers and Publications
|October 2010||New Data for Answering Old Questions Regarding Employee Stock Options|
with Kevin F. Hallock
in Labor in the New Economy, Katharine G. Abraham, James R. Spletzer, and Michael Harper, editors
|January 2006||The Value of Stock Options to Non-Executive Employees|
with Kevin F. Hallock: w11950
This study empirically investigates the value employees place on stock options using information from the option exercise behavior of individuals. Employees hold options for another period if the value from holding them and reserving the right to exercise them later is higher than the value of exercising them immediately and collecting a profit equal to the stock price minus the exercise price. This simple model implies the hazard describing employee exercise behavior reveals information about the value to employees of holding options another time period. We show the parameters of this model are identified with data on multiple option grants per employee and we apply this model to the disposition of options received in the 1990s by a sample of over 2000 middle-level managers from a large, ...
|May 1992||Bargaining Power, Strike Duration, and Wage Outcomes: An Analysis of Strikes in the 1880s|
with David Card: w4075
We study strike durations and outcomes for some 2000 disputes that occurred between 1881 and 1886. Most post-strike bargaining settlements in the 1880s fell into one of two categories: either a union "victory", characterized by a significant wage gain or hours cut, or a union "defeat", characterized by the resumption of work at the previous terms of employment. We find a strong negative relation between strike duration and the value of the settlement to workers. reflecting the declining probability of a union victory among longer strikes. For the subset of strikes over wage increases we estimate a structural model that includes equations for the capitulation times of the two parties and a specification of the wage increase conditional on a union victory. This framework provides a simple in...
Published: Journal of Labor Economics, Vol. 13, No. 1, pp. 32-61, January 1995. citation courtesy of