NO.PZ2023040501000061
问题如下：
Since 2010, annual executive compensation has included stock options on the company’s stock. On 1 September 2013, the company introduced a restricted stock grant program for all non-executive employees who had worked for the company for three years or more.
The average volatility of the company’s stock had been in the range of 38–42% during 2008–2010, but since 2011, it has declined to the 19–24% range.
If the recent changes in the volatility of the company's stock persist, it will most likely affect the company's compensation expense for:
选项：
A.both non-executive employees and executives.
non-executive employees only.
executives only.
解释：
Only the executive stock option plan is affected by volatility of the company’s stock. The volatility affects the initial valuation of the stock options granted (e.g., through use of the Black–Scholes model to determine the fair value of the options). The initial valuation of the options determines the expense recognized. Compensation expense for stock grants is based on the fair market value of the stock on the day of the grant and is not affected by the stock’s volatility.
高管授予的option，之后确认的share-based expense 不是根据 授予日当天的fairvalue吗？ 不应该是2010年就锁定了得option value价格吗？？？难道每个资产负债表日都要对之前的option重新用BSM模型重新定价？
