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We examine whether the ESOP (employee stock ownership program) has a significant effect on a company’s stock volatility during the Covid-19 lockdown. We find that although banks’ stock prices were… Click to show full abstract
We examine whether the ESOP (employee stock ownership program) has a significant effect on a company’s stock volatility during the Covid-19 lockdown. We find that although banks’ stock prices were more volatile in response to the rise of covid-19 confirmed cases, banks with ESOP showed significantly lower volatility than banks without ESOP. To identify the causal effect of the ESOP implementation, we use the ESOP-culture-index of each country as an instrumental variable.
Keywords:
stock ownership;
volatility;
employee stock;
ownership program;
stock;
company stock
Journal Title: Journal of Behavioral and Experimental Finance
Year Published: 2021
Link to full text (if available)
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Journal Title: Journal of Behavioral and Experimental Finance
Year Published: 2021
Link to full text (if available)
Share on Social Media: Sign Up to like & get
recommendations!