No Correlation Between Options, Performance
The study asserts that "The relationship between executives' stock holdings and their companies' performance is so close to zero that it is zero in statistical terms." As the article notes, this means an alphabetical ranking of companies is as apt to predict their performance as a ranking based on executives' holdings."

Options Do Not Raise Performance, Study Finds. Is the economic rationale for awarding managers stock to align their interests with those of shareholders as solid as it has always been? No. By David Leonhardt. [New York Times: Business] 

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