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Selling company shares to reluctant employees: France Telecom's experience

Abstract:

In 1997, France T‚l‚com, the state-owned French telephone company, went through a partial privatization. The government offered current and prior France T‚l‚com employees the opportunity to buy portfolios of shares with various combinations of discounts, required holding periods, leverage, tax treatment, and levels of downside protection. We adapt a neoclassical model of investment decision-making that takes into account firm-specific human capital and holding period restrictions to predict h...

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Publication date:
2000-01-01
UUID:
uuid:376bf092-632f-4622-b7c9-7a307a0aaee1
Local pid:
oai:eureka.sbs.ox.ac.uk:946
Deposit date:
2011-10-28

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