摘要：Some powerful investors, boards of
directors and even executives themselves have recently observed that stock
options with fixed exercise prices do not properly tie managers' performance to
compensation. To mitigate the problem, several corporations are considering the
use of employee options whose exercise price varies with major stock indexes. We
show how to use the Fischer-Margrabe option pricing model to value this new kind
of option for determining the executive's remuneration and for financial
reporting.
