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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2009"

AuteurH.T. Wu
TitelIs backdating vicious?: an investigation on the rationale of backdating CEO stock options
Jaar2009
Pagina's55
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam Business School Research Institute (ABS-RI)
SamenvattingThe widespread practice of backdating executive stock options has drawn
strong criticism of the public and also serious attention of the regulators. Other
than pure luck and insider manipulation, I conjecture some backdating is ra-
tional. By using a sample of 126 US companies under investigations related to
backdating, I find them larger, younger, having lower cash holding and higher
stock volatility. In addition, there is little evidence for managerial entrench-
ment and underperformance. Lastly, I build up a simple dynamic game of
imperfect information, showing that higher performance indeed increases the
backdating propensity, which distinguishes backdating from repricing mecha-
nism.
Keywords: Option Backdating, Option Repricing, Corporate Governance, Corporate
Finance
Soort documentRapport
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