Discussion of The impact of the options backdating scandal on shareholders and Taxes and the backdating of stock option exercise dates
成果类型：
Article
署名作者：
Armstrong, Christopher S.; Larcker, David F.
署名单位：
Stanford University; University of Pennsylvania
刊物名称：
JOURNAL OF ACCOUNTING & ECONOMICS
ISSN/ISSBN：
0165-4101
DOI：
10.1016/j.jacceco.2008.11.005
发表日期：
2009
关键词：
摘要：
Bernile and Jarrell provide extensive analysis regarding the impact of backdating the stock option exercise price on stock returns for a sample of firms identified by the Wall Street Journal. Dhaliwal, Erickson, and Heitzman investigate whether executives backdate the exercise date to obtain favorable tax consequences. This discussion comment focuses on several fundamental issues that confront researchers examining the backdating scandal and other related decisions. Specifically, we discuss the decision models for executives engaged in backdating and the potential role of social networks among directors, selection considerations, institutional voting behavior, and how backdated options can be replicated with existing equity instruments. (C) 2008 Elsevier B.V. All rights reserved.
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