Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Ceo Stock Option Awards And The Timing Of Corporate Voluntary Disclosures
Download Ceo Stock Option Awards And The Timing Of Corporate Voluntary Disclosures full books in PDF, epub, and Kindle. Read online Ceo Stock Option Awards And The Timing Of Corporate Voluntary Disclosures ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis CEO Stock Option Awards and the Timing of Corporate Voluntary Disclosures by : David Aboody
Download or read book CEO Stock Option Awards and the Timing of Corporate Voluntary Disclosures written by David Aboody and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether CEOs manage the timing of their voluntary disclosures around scheduled stock option awards. Because stock options generally are awarded with a fixed exercise price equal to the stock price on the award date, we conjecture that CEOs manage investors' expectations around award dates by delaying good news and rushing forward bad news. For a sample of 2,039 CEO option awards by 572 firms with fixed award schedules, we document changes in share prices and analyst earnings forecasts around award dates that are consistent with our conjecture. We also provide more direct evidence based on management earnings forecasts issued prior to award dates. Because our sample comprises scheduled awards, our findings cannot be attributed to opportunistic timing of the award. Overall, our findings provide evidence that CEOs of firms with scheduled awards make opportunistic voluntary disclosures that maximize their stock option compensation. Our study contributes to the literature on executive compensation by providing evidence consistent with CEOs managing investors' expectations around option award dates. Our study also is relevant to the literature on corporate voluntary disclosure, in that we find that top executives have compensation-related incentives to delay good news and rush forward bad news.
Book Synopsis CEO Stock Option Awards and Corporate Voluntary Disclosures by : David Aboody
Download or read book CEO Stock Option Awards and Corporate Voluntary Disclosures written by David Aboody and published by . This book was released on 2000 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether CEOs manage the timing of their voluntary disclosures around stock option awards. We conjecture that CEOs manage investors' expectations around award dates by delaying good news and rushing forward bad news. For a sample of 2,039 CEO option awards by 572 firms with fixed award schedules, we document changes in share prices and analyst earnings forecasts around option awards that are consistent with our conjecture. We also provide more direct evidence based on management earnings forecasts issued prior to award dates. Our findings suggest that CEOs make opportunistic voluntary disclosure decisions that maximize their stock option compensation.
Download or read book Good Timing written by David Yermack and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the timing of CEO stock option awards, as a method of investigating corporate managers' influence over the terms of their own compensation. In a sample of 620 stock option awards to CEOs of Fortune 500 companies between 1992 and 1994, I find that the timing of awards coincides with favorable movements in company stock prices. Patterns of companies' quarterly earnings announcements are consistent with an interpretation that CEOs receive stock option awards shortly before favorable corporate news. I evaluate and reject several alternative explanations of the results, including insider trading and the manipulation of news announcement dates.
Download or read book Good Timing written by Yermack David and published by . This book was released on 2008 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the timing of CEO stock option awards, as a method of investigating corporate managers influence over the terms of their own compensation. In a sample of 620 stock option awards to CEOs of Fortune 500 companies between 1992 and 1994, I find that the timing of awards coincides with favorable movements in company stock prices. Patterns of companies quarterly earnings announcements are consistent with an interpretation that CEOs received stock option awards shortly before favorable corporate news. I evaluate and reject several alternative explanations of the results, including insider trading and the manipulation of news announcement dates.
Book Synopsis CEO Stock Option Awards and Regulation Changes by : Liang Xiao
Download or read book CEO Stock Option Awards and Regulation Changes written by Liang Xiao and published by . This book was released on 2011 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: In 2003, both the New York Stock Exchange and NASDAQ enacted changes to the requirements regarding listed companies and their Board of Directors composition. The purpose of this study is to examine the effects of those changes, specifically in relation to CEO compensation and compensation committees. Prior to the regulation changes, Yermack [1997] explored the topic of CEOs manipulating the timing of their stock option awards using their influence over their compensation committees. When Yermack originally conducted his study, regulations regarding Board of Directors composition were far more relaxed, and CEOs could sit on their own compensation committees. In my research, I look at the same timing issues Yermack studied, but for companies at a post-regulation change date. Specifically, I calculate the abnormal returns of stock returns of Fortune 500 companies and compare the timing of certain fluctuations in the stock values with the award date of CEO stock options. Furthermore, I consider the differences between the pre-change and post-change values to analyze the control effects the regulation changes had on CEO stock option awards. Through this study I consider whether the NYSE and NASDAQ regulation changes provided controls for the CEOs and prevented further manipulation of the CEO stock option award timing. With corporate governance at the forefront of many discussions due to the current financial crisis, this research should shed some light on what influence upper-level management still has on its own compensation.
Book Synopsis Good Timing : CEO Stock Option Awards and Company New Announcements by : David Yermack
Download or read book Good Timing : CEO Stock Option Awards and Company New Announcements written by David Yermack and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Voluntary Disclosures and the Exercise of CEO Stock Options by : Paul Brockman
Download or read book Voluntary Disclosures and the Exercise of CEO Stock Options written by Paul Brockman and published by . This book was released on 2009 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine voluntary disclosures around the exercise of CEO stock options. Previous research shows that managerial incentives depend on the intended disposition of the underlying shares of exercised stock options. When CEOs intend to sell the underlying shares of exercised options, they have an incentive to increase stock prices in the pre-exercise period. In contrast, when CEOs intend to hold the underlying shares, they have a tax incentive to decrease stock prices in the pre-exercise period. Consistent with these private incentives, we find a significant increase in the frequency and magnitude of good (bad) news announcements in the pre-exercise period when CEOs implement exercise-and-sell (exercise-and-hold) strategies. We further show that CEOsyacute; propensities for opportunistic disclosures are positively related to the value of their exercised stock options. Lastly, we find that the Sarbanes-Oxley Act (SOX) generally reduces, but does not eliminate, this type of managerial opportunism. In one case (i.e., CEOs selling exercised shares back to the company), however, SOX might have inadvertently encouraged the use of opportunistic disclosures.
Book Synopsis GOOD TIMING: CEO STOCK OPTION AWARDS AND COMPANY NEWS ANNOUCEMENTS by : David YERMACK
Download or read book GOOD TIMING: CEO STOCK OPTION AWARDS AND COMPANY NEWS ANNOUCEMENTS written by David YERMACK and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Companies' Modest Claims About the Value of CEO Stock Option Awards by : David Yermack
Download or read book Companies' Modest Claims About the Value of CEO Stock Option Awards written by David Yermack and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes companies' disclosure of CEO stock option values in compliance with recent changes in the SEC s regulations for reporting executive compensation data to stockholders. Results suggest that companies exploit the flexibility of the SEC s disclosure regulations to reduce the apparent value of managers compensation. Companies shorten the expected lives of stock options and independently apply discounts to the Black-Scholes formula. Theoretical support for these adjustments is often lacking, and companies universally ignore reasons that the Black-Scholes formula might underestimate the value of executive stock options, but also provide a means of forecasting compliance with controversial FASB proposals to require disclosure of the implicit compensation expense represented by executive stock option awards.
Book Synopsis The Effect of the Sarbanes-Oxley Act on the Timing Manipulation of CEO Stock Option Awards by : Daniel W. Collins
Download or read book The Effect of the Sarbanes-Oxley Act on the Timing Manipulation of CEO Stock Option Awards written by Daniel W. Collins and published by . This book was released on 2009 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Section 403 of the Sarbanes-Oxley Act accelerates the reporting deadline of executive stock option grants to be within two business days after the grants. This study investigates the effect of Section 403 on the extent of CEO influence over grant date stock prices aimed at enhancing the value of executive stock option awards. Prior studies find that executives affect the exercise price of options by influencing the timing of option awards, manipulating the timing of value-relevant information around option awards, or backdating the award in an attempt to lower the grant date stock price, thereby increasing the value of their options. We find that the accelerated reporting requirement of SOX 403 significantly reduces CEO influence over grant date stock prices in the post-SOX period. Specifically, we find that the accelerated reporting requirement (1) deters the opportunistic granting of unscheduled awards after bad news announcements and reduces, but does not eliminate, the opportunistic granting of unscheduled awards before good news announcements; (2) deters the delaying of good news announcements after scheduled option awards; and (3) greatly reduces the apparent use of backdating of option grants to lower the strike price. Thus, we provide important new evidence on the economic impact of SOX on mitigating executive opportunistic behavior associated with stock option grants.
Book Synopsis Do Corporations Award CEO Stock Options Effectively by : David Yermack
Download or read book Do Corporations Award CEO Stock Options Effectively written by David Yermack and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes stock option wards to CEOs of 792 U.S. public corporations between 1984 and 1991. Using a Black-Scholes approach, I test whether stock options performance incentives have significant associations with explanatory variables related to agency cost reduction. Further tests examine whether the mix of compensations between stock options and cash pay can be explained by corporate liquidity, tax status, or earnings management. Results indicate that few agency or financial contracting theories have explanatory power for patterns of CEO stock option awards, a finding in accord with others conclusions that CEO pay arrangements do not reflect well the normative predictions of compensation theorists.
Book Synopsis The Handbook of the Economics of Corporate Governance by : Benjamin Hermalin
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward
Book Synopsis Corporate Fraud Exposed by : H. Kent Baker
Download or read book Corporate Fraud Exposed written by H. Kent Baker and published by Emerald Group Publishing. This book was released on 2020-10-09 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Fraud Exposed uncovers the motivations and drivers of fraud including agency theory, executive compensation, and organizational culture. It delves into the consequences of fraud for various firm stakeholders, and its spillover effects on other corporations, the political environment, and financial market participants.
Book Synopsis Corporate Fraud Exposed by : H. Kent Baker
Download or read book Corporate Fraud Exposed written by H. Kent Baker and published by Emerald Group Publishing. This book was released on 2020-10-09 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Fraud Exposed uncovers the motivations and drivers of fraud including agency theory, executive compensation, and organizational culture. It delves into the consequences of fraud for various firm stakeholders, and its spillover effects on other corporations, the political environment, and financial market participants.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :96 pages Book Rating :4.3/5 (91 download)
Book Synopsis Stock Options Backdating by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Stock Options Backdating written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Shareholder Activism Handbook by : Jay W. Eisenhofer
Download or read book Shareholder Activism Handbook written by Jay W. Eisenhofer and published by Wolters Kluwer. This book was released on 2005-01-01 with total page 1458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder Activism Handbook is the single most comprehensive guide on all matters relating to enforcing shareholders' rights. As shareholder activism becomes a more integral part of investing, the law continues to respond accordingly. Legislators
Book Synopsis Employee Stock Option Compensation by : Florian Wolff
Download or read book Employee Stock Option Compensation written by Florian Wolff and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Florian Wolff analyses how executives perceive their stock options and how their personal expectations and risk preferences affect the value they assign to them. He shows that stock options may be worth their money because people behave irrationally.
