• How much do employee stock options really cost? 

    Boyle, Glenn; Clyne, Stefan; Roberts, Helen M
    From 2007, New Zealand firms must report the cost of granting employee stock options (ESOs). Market-based option pricing models assume that options are continuously tradable and thus that option holders are indifferent to ...
  • Human capital and popular investment advice 

    Boyle, Glenn; Guthrie, Graeme
    Popular investment advice recommends that the stock/bond and stock/wealth ratios should rise with investor risk tolerance and investment horizon respectively, prescriptions that are difficult to reconcile with standard ...
  • Investment, uncertainty, and liquidity 

    Boyle, Glenn; Guthrie, Graeme
    Despite extensive research, the exact nature of the dependence of corporate investment on firm liquidity, uncertainty, and hedging policy remains obscure. First, although it is widely recognized that external financing can ...