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Geometry, Plane.

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Aztecs. --- Aztecs --- History --- Religion --- Social life and customs --- Ethnology. Cultural anthropology --- History of Latin America --- Mexica --- Acolhua --- Tepanec --- Teotihuacán --- Toltec --- Aztec [culture or style] --- Chichimec [culture or style]

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Ethnology. Cultural anthropology --- collecting --- Art, Primitive --- Art --- Art, Occidental --- Art, Visual --- Art, Western (Western countries) --- Arts, Fine --- Arts, Visual --- Fine arts --- Iconography --- Occidental art --- Visual arts --- Western art (Western countries) --- Arts --- Aesthetics --- Exhibitions --- Private collections&delete& --- Private collections

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Ethnology. Cultural anthropology --- History of Latin America --- Aztec [culture or style] --- Mexico

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We examine how an increase in stock option grants affects CEO risk-taking. The overall net effect of option grants is theoretically ambiguous for risk-averse CEOs. To overcome the endogeneity of option grants, we exploit institutional features of multi-year compensation plans, which generate two distinct types of variation in the timing of when large increases in new at-the-money options are granted. We find that, given average grant levels during our sample period, a 10 percent increase in new options granted leads to a 2.8-4.2 percent increase in equity volatility. This increase in risk is driven largely by increased leverage.

Zonder onderwerpscode: economie