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.
B.
non-executive employees only.
C.
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.
关于option，题干里说是annual，即每年都grant一批option。波动率既影响2011年option被grant时计算的FV，也会影响后续每年grant的FV。因此option肯定会受影响。题意本身包括后续每年grant的option吗？
此外，关于RS，2013年grant一批，此时已经波动率减小了，为什么波动率不会影响grant时股票的market value呢？波动率大和波动率小不是股价市价的影响因素吗？
