{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,13]],"date-time":"2026-01-13T15:48:14Z","timestamp":1768319294022,"version":"3.49.0"},"reference-count":30,"publisher":"Springer Science and Business Media LLC","issue":"2","license":[{"start":{"date-parts":[[2016,2,12]],"date-time":"2016-02-12T00:00:00Z","timestamp":1455235200000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2018,3]]},"DOI":"10.1007\/s10479-016-2127-2","type":"journal-article","created":{"date-parts":[[2016,2,12]],"date-time":"2016-02-12T08:54:59Z","timestamp":1455267299000},"page":"335-359","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Are employee stock option exercise decisions better explained through the prospect theory?"],"prefix":"10.1007","volume":"262","author":[{"given":"Hamza","family":"Bahaji","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2016,2,12]]},"reference":[{"issue":"11","key":"2127_CR1","doi-asserted-by":"crossref","first-page":"1497","DOI":"10.1287\/mnsc.46.11.1497.12080","volume":"46","author":"M Abdellaoui","year":"2000","unstructured":"Abdellaoui, M. (2000). Parameter-free elicitation of utility and probability weighting functions. Management Science, 46(11), 1497\u20131512.","journal-title":"Management Science"},{"key":"2127_CR2","doi-asserted-by":"crossref","first-page":"237","DOI":"10.1023\/A:1018916031387","volume":"80","author":"M Abdellaoui","year":"1998","unstructured":"Abdellaoui, M., & Munier, B. (1998). The risk-structure dependence effect: Experimenting with an eye to decision-aiding. Annals of Operations Research, 80, 237\u2013252.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"2127_CR3","doi-asserted-by":"crossref","first-page":"67","DOI":"10.1016\/j.obhdp.2007.04.005","volume":"105","author":"HR Arkes","year":"2008","unstructured":"Arkes, H. R., Hirshleifer, D., Jiang, D., & Lim, S. (2008). Reference point adaptation: Tests in the domain of security trading. Organizational Behavior and Human Decision Processes, 105(1), 67\u201381.","journal-title":"Organizational Behavior and Human Decision Processes"},{"issue":"3","key":"2127_CR4","doi-asserted-by":"crossref","first-page":"200","DOI":"10.1108\/14757701111155761","volume":"10","author":"H Bahaji","year":"2011","unstructured":"Bahaji, H. (2011). Incentives from stock option grants: a behavioural approach. Review of Accounting and Finance, 10(3), 200\u2013227.","journal-title":"Review of Accounting and Finance"},{"key":"2127_CR5","doi-asserted-by":"crossref","first-page":"144","DOI":"10.1016\/j.econmod.2014.12.041","volume":"52","author":"H Bahaji","year":"2015","unstructured":"Bahaji, H., & Casta, J. F. (2015). Employee stock option-implied risk attitude under rank-dependent expected utility. Economic Modelling, 52, 144\u2013154.","journal-title":"Economic Modelling"},{"issue":"1","key":"2127_CR6","doi-asserted-by":"crossref","first-page":"173","DOI":"10.1257\/jep.27.1.173","volume":"27","author":"NC Barberis","year":"2013","unstructured":"Barberis, N. C. (2013). Thirty years of prospect theory in economics: A review and assessment. Journal of Economic Perspectives, 27(1), 173\u2013196.","journal-title":"Journal of Economic Perspectives"},{"issue":"2","key":"2127_CR7","doi-asserted-by":"crossref","first-page":"445","DOI":"10.1016\/j.jfineco.2004.05.006","volume":"76","author":"J Bettis","year":"2005","unstructured":"Bettis, J., Bizjak, J., & Lemmon, M. (2005). Exercise behavior, valuation and the incentive effects of employee stock options. Journal of Financial Economics, 76(2), 445\u2013470.","journal-title":"Journal of Financial Economics"},{"issue":"1","key":"2127_CR8","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1016\/S0304-405X(00)00052-0","volume":"57","author":"M Brenner","year":"2000","unstructured":"Brenner, M., Sundaram, R., & Yermack, D. (2000). Altering the terms of executive stock options. Journal of Financial Economics, 57(1), 103\u2013128.","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"2127_CR9","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1016\/S0304-405X(98)00006-3","volume":"48","author":"J Carpenter","year":"1998","unstructured":"Carpenter, J. (1998). The exercise and valuation of executive stock options. Journal of Financial Economics, 48(2), 127\u2013158.","journal-title":"Journal of Financial Economics"},{"issue":"4","key":"2127_CR10","first-page":"835","volume":"12","author":"J Detemple","year":"1999","unstructured":"Detemple, J., & Sundaresan, S. (1999). Nontraded asset valuation with portfolio constraints: A binomial approach. Review of Economic Studies, 12(4), 835\u2013872.","journal-title":"Review of Economic Studies"},{"issue":"6","key":"2127_CR11","doi-asserted-by":"crossref","first-page":"2015","DOI":"10.1111\/j.1540-6261.2010.01609.x","volume":"65","author":"I Dittmann","year":"2010","unstructured":"Dittmann, I., Maug, E., & Spalt, O. G. (2010). Sticks or carrots? Optimal CEO compensation when managers are loss averse. Journal of Finance, 65(6), 2015\u20132050.","journal-title":"Journal of Finance"},{"issue":"12","key":"2127_CR12","doi-asserted-by":"crossref","first-page":"1676","DOI":"10.1287\/mnsc.42.12.1676","volume":"42","author":"R Gonzalez","year":"1996","unstructured":"Gonzalez, R., & Wu, G. (1996). Curvature of the probability weighting function. Management Science, 42(12), 1676\u20131690.","journal-title":"Management Science"},{"issue":"1","key":"2127_CR13","doi-asserted-by":"crossref","first-page":"109","DOI":"10.1016\/j.jedc.2008.05.005","volume":"33","author":"M Grasselli","year":"2009","unstructured":"Grasselli, M., & Henderson, V. (2009). Risk aversion and block exercise of executive stock options. Journal of Economic Dynamics and Control, 33(1), 109\u2013127.","journal-title":"Journal of Economic Dynamics and Control"},{"issue":"2","key":"2127_CR14","doi-asserted-by":"crossref","first-page":"601","DOI":"10.1162\/003355399556089","volume":"114","author":"C Heath","year":"1999","unstructured":"Heath, C., Huddart, S., & Lang, M. (1999). Psychological factors and stock option exercise. Quarterly Journal of Economics, 114(2), 601\u2013628.","journal-title":"Quarterly Journal of Economics"},{"issue":"1","key":"2127_CR15","doi-asserted-by":"crossref","first-page":"45","DOI":"10.1016\/0165-4101(95)00411-4","volume":"21","author":"T Hemmer","year":"1996","unstructured":"Hemmer, T., Matsunaga, S., & Shevlin, T. (1996). The influence of risk diversification on the early exercise of employee stock options by executive officers. Journal of Accounting and Economics, 21(1), 45\u201368.","journal-title":"Journal of Accounting and Economics"},{"issue":"3","key":"2127_CR16","doi-asserted-by":"crossref","first-page":"899","DOI":"10.1506\/car.26.3.11","volume":"26","author":"F Hodge","year":"2010","unstructured":"Hodge, F., Rajgopal, S., & Shevlin, T. (2010). Do managers value stock options and restricted stock consistent with economic theory? Contemporary Accounting Research, 26(3), 899\u2013932.","journal-title":"Contemporary Accounting Research"},{"issue":"2","key":"2127_CR17","doi-asserted-by":"crossref","first-page":"207","DOI":"10.1016\/0165-4101(94)00363-7","volume":"18","author":"S Huddart","year":"1994","unstructured":"Huddart, S. (1994). Employee stock options. Journal of Accounting and Economics, 18(2), 207\u2013231.","journal-title":"Journal of Accounting and Economics"},{"issue":"1","key":"2127_CR18","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1016\/0165-4101(95)00409-2","volume":"21","author":"S Huddart","year":"1996","unstructured":"Huddart, S., & Lang, M. (1996). Employee stock option exercises: An empirical analysis. Journal of Accounting and Economics, 21(1), 5\u201343.","journal-title":"Journal of Accounting and Economics"},{"key":"2127_CR19","unstructured":"IBBOTSON ASSOCIATES (2006). Stocks, bonds, bills, and inflation. Valuation edition, 2006 Yearbook."},{"issue":"3","key":"2127_CR20","doi-asserted-by":"crossref","first-page":"385","DOI":"10.1111\/j.1468-036X.2007.00439.x","volume":"14","author":"J Ingersoll","year":"2008","unstructured":"Ingersoll, J. (2008). Non-monotonicity of the Tversky-Kahneman probability-weighting function: A Cautionary note. European Financial Management, 14(3), 385\u2013390.","journal-title":"European Financial Management"},{"issue":"1","key":"2127_CR21","first-page":"179","volume":"68","author":"L Jennergren","year":"1993","unstructured":"Jennergren, L., & Naslund, B. (1993). A comment on \u201cvaluation of executive stock options and the FASB proposal\u201d. The Accounting Review, 68(1), 179\u2013183.","journal-title":"The Accounting Review"},{"issue":"1","key":"2127_CR22","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1007\/s11238-011-9274-3","volume":"73","author":"E Jouini","year":"2012","unstructured":"Jouini, E., & Napp, C. (2012). Behavioral biases and the representative agent. Theory and Decision, 73(1), 97\u2013123.","journal-title":"Theory and Decision"},{"issue":"6","key":"2127_CR23","doi-asserted-by":"crossref","first-page":"2661","DOI":"10.1111\/j.1540-6261.2005.00813.x","volume":"60","author":"U Malmendier","year":"2005","unstructured":"Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661\u20132700.","journal-title":"Journal of Finance"},{"key":"2127_CR24","unstructured":"Misra, L., & Shi, Y. (2005). Option exercise by CEOs: Overconfidence VS market timing. Working paper, Texas University."},{"issue":"3","key":"2127_CR25","doi-asserted-by":"crossref","first-page":"580","DOI":"10.1016\/j.jfineco.2012.09.008","volume":"107","author":"V Polkovnichenko","year":"2013","unstructured":"Polkovnichenko, V., & Zhao, F. (2013). Probability weighting functions implied in options prices. Journal of Financial Economics, 107(3), 580\u2013609.","journal-title":"Journal of Financial Economics"},{"issue":"4","key":"2127_CR26","doi-asserted-by":"crossref","first-page":"323","DOI":"10.1016\/0167-2681(82)90008-7","volume":"3","author":"J Quiggin","year":"1982","unstructured":"Quiggin, J. (1982). A theory of anticipated utility. Journal of Economic Behavior and Organization, 3(4), 323\u2013343.","journal-title":"Journal of Economic Behavior and Organization"},{"key":"2127_CR27","unstructured":"Sautner, Z., & Weber, M. (2005). Stock options and Employee Behavior. Working paper, Mannheim university."},{"issue":"4","key":"2127_CR28","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1017\/S0022109013000380","volume":"48","author":"O Spalt","year":"2013","unstructured":"Spalt, O. (2013). Probability weighting and employee stock options. Journal of Financial and Quantitative analysis, 48(4), 1\u201337.","journal-title":"Journal of Financial and Quantitative analysis"},{"issue":"1","key":"2127_CR29","doi-asserted-by":"crossref","first-page":"76","DOI":"10.1016\/0022-1031(91)90011-T","volume":"27","author":"M Spranca","year":"1991","unstructured":"Spranca, M., Minsk, E., & Baron, J. (1991). Omission and commission in judgment and choice. Journal of Experimental Social Psychology, 27(1), 76\u2013105.","journal-title":"Journal of Experimental Social Psychology"},{"issue":"4","key":"2127_CR30","doi-asserted-by":"crossref","first-page":"297","DOI":"10.1007\/BF00122574","volume":"5","author":"A Tversky","year":"1992","unstructured":"Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5(4), 297\u2013323.","journal-title":"Journal of Risk and Uncertainty"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s10479-016-2127-2\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-016-2127-2.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-016-2127-2","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-016-2127-2.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2019,5,29]],"date-time":"2019-05-29T18:09:19Z","timestamp":1559153359000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s10479-016-2127-2"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2016,2,12]]},"references-count":30,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2018,3]]}},"alternative-id":["2127"],"URL":"https:\/\/doi.org\/10.1007\/s10479-016-2127-2","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"value":"0254-5330","type":"print"},{"value":"1572-9338","type":"electronic"}],"subject":[],"published":{"date-parts":[[2016,2,12]]}}}