El Houcine, Rim <br/><br/>
The relation between stock buyback and employee stock-options policy 

 -  2015.<br/>							 
<br/><br/> 24 
<br/><br/> This paper analyzes the relationship between share buyback and stock options policy in France. Financial theories consider that firms that offer stock-options are encouraged to buyback in order to avoid dilution due to the exercise of stock options. A positive relationship appears between the future exercise of employee’s stock options and stock buyback. The desire to prevent the dilution due to the exercise of stock -options can be one of the reasons for share buybacks.