Ustalanie ceny wykonania w programach opcji menedżerskich - praktyka spółek notowanych na GPW w Warszawie

Employee stock options have become more popular in Poland since the beginning of this century. The paper shows, how companies listed on the Warsaw Stock Exchange determine the exercise price in employee stock options. The purpose of the article is critical reference to methods by using analysed companies. The author proposes the method which can be used to determine the exercise price. The formula shows the grant price as not a constant value. It depends on changes in the market and stocks volatility.