Introduction

When reading The Roaring Nineties [1], in which the author illustrates his theoretical framework based on the concept of asymmetric information, one realizes that the creation of shareholder value — a cornerstone of modern market economic theory — was not the main driver of top management decisions in those years. Among others, the remuneration of management by means of stock options actually played a key role in disguising the real performances of several companies, including many fast-growth “dotcoms.” Even though the phenomenon had been debated among policymakers, regulators and economists, and between them and the industry leaders, the deregulation paradigm prevailed and the extensive use of stock options is now recognized as one of the triggers of the “New Economy” crisis.