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Pay attention to names, capitalization, and dates. Moving Wall Moving Wall: Moving Wall The "moving wall" represents the time period between the last issue available in JSTOR and the most recently published issue of a journal. Terms Related to the Moving Wall Fixed walls: Journals with no new volumes being added to the archive. Journals that are combined with another title. Journals that are no longer published or that have been combined with another title.

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Custom alerts when new content is added. Subscribe to JPASS Monthly Plan. Abstract Stock-option programs SOPs became the dominant compensation instrument for top management in the nineties. Usually, they are not dividend-protected, i. Empirical evidence shows that this results in a significant decrease in the level of corporate dividends and, at the same time, in an increase in share repurchases.

This paper analyzes different forms of dividend protection and addresses the importance of dividend protection in SOPs. Finally, the paper relates the theoretical analysis to empirical work on the link between share repurchases and SOPs.

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