【案例名称】Ameritrade Holding Corp.

【作者】Lisa Meulbroek

【页数】18

【格式】PDF

【语言】英语

【出版日期】2000年4月6日

【修订日起】2000年7月13日

【学科】金融 (Finance)

【案例编号】200057-PDF-ENG

【来源】Harvard Business School

【网页】http://cb.hbsp.harvard.edu/cb/product/200057-PDF-ENG

【简介】

Some of the senior managers at Ameritrade, an Internet brokerage firm, are selling their holdings in the firm. Why are the managers selling, how will it affect shareholders, and what should the CEO do about it? The CEO is concerned that the market will interpret managerial sales as a signal that the managers believe the firm to be overvalued. He also wonders whether the sales might interfere with the firm's plan to raise funds in the capital markets. Finally, he thinks that, at a minimum, such sales undermine a carefully thought-out compensation plan that pays managers with stock options to align managers' incentive with those of the shareholders.

【学习目标】

To illustrate the difficulty faced by managers in entrepreneurial firms, such as Internet-based firms, who have much of their wealth tied up in a volatile firm. Should they sell some of their holdings? Will the sales decrease shareholder value?

【涉及课题】

Executive committees; Hedging; Incentives; Insider trading; Internet; Portfolio management; Risk management; Stock options

【背景】

• Geographic: Nebraska
• Industry: Internet services
• Industry: Securities & investment banking
• Company Employee Count: 2,379
• Company Revenue: $315 million revenues
• Event Year Begin: 1999
• Event Year End: 1999
  

【下载】

http://www.mbabbs.com/thread-1522-1-1.html