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Analysis Of Differences In The Recognized And Realized Costs Of Stock Options And The Implications For Studies Of Tax Avoidance
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Book Synopsis Analysis of Differences in the Recognized and Realized Costs of Stock Options and the Implications for Studies of Tax Avoidance by : Chelsea Rae Austin
Download or read book Analysis of Differences in the Recognized and Realized Costs of Stock Options and the Implications for Studies of Tax Avoidance written by Chelsea Rae Austin and published by . This book was released on 2014 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains two separate essays on the implications of the complex financial reporting rules of stock option compensation outlined under ASC 718. The first essay examines the effect of the tax benefit from employees' exercise of stock options on the cash effective tax rate. While not explicitly stated, many tax avoidance studies implicitly want to investigate tax avoidance that is the result of firms' intentional choices. Although stock option exercise reduces firms' tax burden, the firm does not control the timing of option exercise and the accompanying tax benefit. When the realized tax benefit deviates from the firm's expected cost, stock option exercise results in unanticipated changes in the cash taxes paid. The cash effective tax rate (CASHETR), a common measure of tax avoidance, reflects both the anticipated and unanticipated cash tax savings from employees' exercise of stock options. CASHETR's inclusion of unanticipated cash tax savings mismeasures intentional tax avoidance. Using both parametric and non-parametric analysis I show that the unanticipated tax benefit from employees' stock option exercise can cause firms to be identified as more aggressive tax avoiders. I also show that, among other differences, firms with greater unanticipated tax benefits from employees' exercise of stock options are more profitable, are less levered, have more extensive R&D, and have larger market-to-book ratios. Because these firm characteristics are often used as controls in studies of tax avoidance, the relationship between them and CASHETR's mismeasurement of intentional tax avoidance creates an endogeneity problem for researchers and could lead to incorrect inferences. I use a research simulation to inform researchers of an implication of this endogeneity concern when CASHETR is used to measure firms' intentional tax avoidance. I construct a hypothetical firm characteristic that is correlated to varying degrees with stock growth.
Book Synopsis Stock Options & Grants by : Peter R. Wheeler
Download or read book Stock Options & Grants written by Peter R. Wheeler and published by AdvisorPress. This book was released on 2004 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock Options + Grants: The Executive's Guide to Equity Compensation provides a comprehensive, easy reading treatment to the complex area of stock options and grants for the busy executive. From the boardroom to the mailroom, individuals with stock options or grants will benefit from the quick reading question and answer format of this book. If you have a question about your stock options or grants, you are likely to find it answered in Stock Options + Grants: The Executive's Guide to Equity Compensation.
Book Synopsis The Valuation of Permanent and Temporary Book-Tax Differences of Firms Granting Employee Stock Options by : Charles A. Barragato
Download or read book The Valuation of Permanent and Temporary Book-Tax Differences of Firms Granting Employee Stock Options written by Charles A. Barragato and published by . This book was released on 2004 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the valuation implications of permanent and temporary book-tax differences of firms granting employee stock options. To conduct this investigation, we expand on the valuation model employed by Amir, Kirschenheiter and Willard (1997), and incorporate adjustments suggested by Hess and Luders (2001) to reflect the impact of stock-based compensation. We estimate permanent book-tax differences associated with stock options using firms' disclosures under SFAS No. 123, and in conjunction with firms' disclosures about deferred taxes (temporary book-tax differences) under SFAS No. 109, conduct value relevance tests. We predict and find evidence that deferred taxes recognized for financial accounting purposes and unrecognized permanent tax assets associated with stock options are both incrementally value relevant.
Book Synopsis Analysis of Stock Option Tax Benefits on the Cash Effective Tax Rate by : Chelsea Rae Austin
Download or read book Analysis of Stock Option Tax Benefits on the Cash Effective Tax Rate written by Chelsea Rae Austin and published by . This book was released on 2014 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: While not explicitly stated, many tax avoidance studies seek to investigate tax avoidance that is the result of firms' intentional choices. Stock option compensation can result in unanticipated reductions to a firm's tax liability because the timing and magnitude of the related tax deduction is determined by employees' exercise of stock options. Because CASHETR includes these unanticipated tax liability reductions, CASHETR mismeasures firms' intentional tax avoidance. I show this mismeasurement is material and can lead to inflated Type I error rates in studies of intentional tax avoidance. I also provide suggestions to aid researchers in mitigating these concerns.
Book Synopsis Pricing Effects of Recognition Versus Disclosure by : Chunqi Zhang
Download or read book Pricing Effects of Recognition Versus Disclosure written by Chunqi Zhang and published by . This book was released on 2005 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Publisher :Cengage Learning ISBN 13 :0357900642 Total Pages :1144 pages Book Rating :4.3/5 (579 download)
Download or read book written by and published by Cengage Learning. This book was released on with total page 1144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Options written by Barbara Wood and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Until June 2005, firms had a choice in accounting for stock option compensation. The majority of firms elected to disclose option compensation expense in the footnotes of their financial statements. However, after the accounting scandals in the early 2000s, many firms moved from disclosing the expense to recognizing the expense as a charge against earnings. This research examines the reasons that firms would voluntarily elect to adopt option recognition prior to regulatory requirement. The decision to recognize option pay is examined with respect to efficient contracting, earnings management, and information signaling. Firms that elect to expense option pay do so to reduce political costs and potential debt covenant violations. These firms also have greater earnings and lower option costs, reducing the impact of the recognition decision. From an information signaling perspective, firms with greater growth opportunities and greater insider ownership of the firm's stock use their recognition decision to reveal their firm's favorable prospects. Examination of the use of option compensation by firms that voluntarily choose to expense option pay and firms that do not reveals that expensing firms are high quality firms that use option compensation more effectively. The payoff relationship between executive option pay and operating income shows diminishing returns for non-expensing firms and a linear relation for expensing firms, suggesting that non-expensing firms may be over-granting option pay. Additionally, the incentive value of CEO option grants for expensing firms is more closely aligned with shareholder interests than for non-expensing firms. The economic determinants of executive option grants is similar for expensing and non-expensing firms. The residuals from the economic determinants model are used as an explanatory variable in a logistic regression model examining the decision to expense option compensation. Positive residuals indicate the firm grants options in excess of the level predicted by the economics determinants model. Firms over-granting option compensation would be less inclined to increase the transparency of their option program by moving the cost information into the firm's financial statements. The model shows that firms that over-grant executive stock options are less likely to voluntarily recognize option pay.
Book Synopsis International Taxation and Multinational Activity by : James R. Hines
Download or read book International Taxation and Multinational Activity written by James R. Hines and published by University of Chicago Press. This book was released on 2009-02-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because the actions of multinational corporations have a clear and direct effect on the flow of capital throughout the world, how and why these firms behave the way they do is a major issue for national governments and their policymakers. With an unprecedented ability to adjust the scale, character, and location of their global operations, international corporations have become increasingly sensitive to the kind and degree of tax obligations imposed on them by both host and home countries. Tax rules affect the volume of foreign direct investment, corporate borrowing, transfer pricing, dividend and royalty payments, and research and development. National governments that tax the profits of international firms face important challenges in designing tax policies to attract them. This collection examines the global ramifications of tax policies, offering up-to-date, theoretically innovative, and empirically sound perspectives on a problem of immense significance to future economic growth around the globe.
Book Synopsis Accounting for the Tax Benefits of Employee Stock Options and Implications for Research by : Terry J. Shevlin
Download or read book Accounting for the Tax Benefits of Employee Stock Options and Implications for Research written by Terry J. Shevlin and published by . This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explains firm disclosures of the tax benefits of employee stock options and discusses the implications of this disclosure for academic research studies and financial statement users. We do this in order to show that there are important implications for empirical research studies and inferences regarding tax burdens. The effects of this accounting have not often been taken into account in empirical research yet it may impact the inferences made from the studies. We find that firm disclosures are not always clear as to the amount of the corporate tax benefits from the exercise of stock options. In addition, in many cases, firms' reported effective tax rates are overstated as are estimates of marginal tax rates and tax burdens using financial statement disclosures. This study is important because it explains the accounting for the tax benefits of stock options, describes the problems this accounting may cause in empirical studies and for financial statement users, and provides some suggestions on adjusting for this accounting to more correctly estimate tax rates and burdens.
Book Synopsis Revisiting the Choice Between Incentive Stock Options and Nonqualified Stock Options by : Julia Marie Brennan
Download or read book Revisiting the Choice Between Incentive Stock Options and Nonqualified Stock Options written by Julia Marie Brennan and published by . This book was released on 2003 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Employee Stock Options (ESO) by : James M. Bickley
Download or read book Employee Stock Options (ESO) written by James M. Bickley and published by . This book was released on 2012-04-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: ESO have been praised as innovative compensation plans that help align the interests of the employees with those of the shareholders. They have also been condemned as schemes to enrich insiders and avoid co. taxes. The tax code recognizes two types of ESO, "qualified" and non-qualified. Qualified options include "incentive stock options," which are limited to $100,000/yr. for any one employee, and "employee stock purchase plans," which are limited to $25,000/yr. for any employee. This report explains the "book-tax gap" as it relates to ESO and S. 2075. U.S. bus. are subject to a dual reporting system. The "book-tax" gap is the excess of reported accounting income over taxable income. Illus. A print on demand report.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Tax Law Design and Drafting, Volume 1 by : Mr.Victor Thuronyi
Download or read book Tax Law Design and Drafting, Volume 1 written by Mr.Victor Thuronyi and published by International Monetary Fund. This book was released on 1996-08-23 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. It presents practical models and guidelines for drafting tax legislation that can be used by officials of developing and transition countries. Volume I covers general issues, some special topics, and major taxes other than income tax.
Book Synopsis The Routledge Companion to Auditing by : David Hay
Download or read book The Routledge Companion to Auditing written by David Hay and published by Routledge. This book was released on 2014-09-15 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auditing has been a subject of some controversy, and there have been repeated attempts at reforming its practice globally. This comprehensive companion surveys the state of the discipline, including emerging and cutting-edge trends. It covers the most important and controversial issues, including auditing ethics, auditor independence, social and environmental accounting as well as the future of the field. This handbook is vital reading for legislators, regulators, professionals, commentators, students and researchers involved with auditing and accounting. The collection will also prove an ideal starting place for researchers from other fields looking to break into this vital subject.
Book Synopsis Shared Capitalism at Work by : Douglas L. Kruse
Download or read book Shared Capitalism at Work written by Douglas L. Kruse and published by University of Chicago Press. This book was released on 2010-06-15 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor. Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.
Book Synopsis Social Science Research by : Anol Bhattacherjee
Download or read book Social Science Research written by Anol Bhattacherjee and published by CreateSpace. This book was released on 2012-04-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to introduce doctoral and graduate students to the process of conducting scientific research in the social sciences, business, education, public health, and related disciplines. It is a one-stop, comprehensive, and compact source for foundational concepts in behavioral research, and can serve as a stand-alone text or as a supplement to research readings in any doctoral seminar or research methods class. This book is currently used as a research text at universities on six continents and will shortly be available in nine different languages.
Book Synopsis Taxes and Business Strategy by : Myron S. Scholes
Download or read book Taxes and Business Strategy written by Myron S. Scholes and published by . This book was released on 2015-01-03 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.
