Taxes and the backdating of stock option exercise dates

Journal of Accounting and Economics - Tập 47 - Trang 27-49 - 2009
Dan Dhaliwal1, Merle Erickson2, Shane Heitzman3
1Eller College of Management, University of Arizona, AZ, USA
2Graduate School of Business, University of Chicago, IL, USA
3Simon Graduate School of Business, University of Rochester, Carol Simon Hall 3-160A, Rochester, NY 14627, USA

Tài liệu tham khảo

Aboody, 2000, CEO stock option awards and the timing of corporate voluntary disclosures, Journal of Accounting and Economics, 29, 73, 10.1016/S0165-4101(00)00014-8 Aboody, 2008, Are executive stock option exercises driven by private information?, Review of Accounting Studies, 13, 551, 10.1007/s11142-007-9050-3 Ashbaugh-Skaife, 2007, The discovery and reporting of internal control deficiencies prior to SOX-mandated audits, Journal of Accounting and Economics, 44, 166, 10.1016/j.jacceco.2006.10.001 Bandler, 2008, Probe finds Comverse executives falsified results, The Wall Street Journal Bar-Gill, O., Bebchuk, L., 2003. Misreporting corporate performance. Working Paper, Harvard Law School. Bebchuk, 2002, Managerial power and rent extraction in the design of executive compensation, University of Chicago Law Review, 69, 751, 10.2307/1600632 Bebchuk, L., Grinstein, Y., Peyer, U., 2007a. Lucky CEOs. Working Paper, Harvard Law School. Bebchuk, L, Grinstein, Y., Peyer, U., 2007b. Lucky directors. Working Paper, Harvard Law School. Becker, 1968, Crime and punishment: an economic approach, The Journal of Political Economy, 76, 169, 10.1086/259394 Bernile, G., Jarrell, G., 2008. The impact of the options backdating scandal on shareholders’ wealth. Journal of Accounting and Economics, this issue. Bettis, 2000, Corporate policies restricting trading by insiders, Journal of Financial Economics, 57, 191, 10.1016/S0304-405X(00)00055-6 Cai, J., 2007. Executive stock option exercises: good timing or backdating? Working Paper, Drexel University. Carpenter, 2001, Executive stock option exercises and inside information, Journal of Business, 74, 513, 10.1086/322894 Cicero, D., 2007. Strategic timing and backdating of executive stock option exercises: before and after the Sarbanes-Oxley Act. Working Paper, University of Delaware. Collins, D.W., Gong, G., Li, H., 2005. The effect of the Sarbanes-Oxley Act on the timing manipulation of CEO stock option awards. Working Paper, University of Iowa. Collins, D.W., Gong, G., Li, H., 2006. Corporate governance and backdating of executive stock options. Working Paper, University of Iowa. Dash, 2006, Dodging taxes is a new stock options scheme, The New York Times Doyle, 2007, Determinants of weaknesses in internal control over financial reporting, Journal of Accounting and Economics, 44, 193, 10.1016/j.jacceco.2006.10.003 Erickson, 2006, Is there a link between executive equity incentives and accounting fraud?, Journal of Accounting Research, 44, 113, 10.1111/j.1475-679X.2006.00194.x Fama, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics, 33, 3, 10.1016/0304-405X(93)90023-5 Hanlon, 2002, Accounting for tax benefits of employee stock options and implications for research, Accounting Horizons, 16, 1, 10.2308/acch.2002.16.1.1 Heron, R.A., Lie, E., 2006. What fraction of stock option grants to top executives have been backdated or manipulated? Working Paper, University of Iowa. Heron, 2007, Does backdating explain the stock price pattern around executive stock option grants?, Journal of Financial Economics, 83, 271, 10.1016/j.jfineco.2005.12.003 Huddart, 1996, Employee stock option exercises: an empirical analysis, Journal of Accounting and Economics, 21, 5, 10.1016/0165-4101(95)00409-2 Huddart, 2003, Information distribution within firms: evidence from stock option exercises, Journal of Accounting and Economics, 34, 3, 10.1016/S0165-4101(02)00071-X Lakonishok, 2001, Are insider trades informative?, Review of Financial Studies, 14, 79, 10.1093/rfs/14.1.79 Lie, 2005, On the timing of CEO stock option awards, Management Science, 51, 802, 10.1287/mnsc.1050.0365 McDonald, R., 2003. Is it optimal to accelerate the payment of income tax on share-based compensation? Working Paper, Northwestern University. Narayanan, 2008, The dating game: do managers designate option grant dates to increase their compensation?, Review of Financial Studies, 21, 1907, 10.1093/rfs/hhm044 Ofek, 2000, Taking stock: equity based compensation and the evolution of managerial ownership, Journal of Finance, 55, 1367, 10.1111/0022-1082.00250 Scholes, 2005 SEC vs. Mercury Interactive et al., 2007. Complaint filed in Northern District of CA, San Jose Division, 31 May. SEC vs. Symbol Technologies et al., 2004. Complaint filed in Eastern District of NY, 3 June. Shevlin, 1990, Estimating corporate marginal tax rates with asymmetric tax treatment of gains and losses, The Journal of the American Taxation Association, 11, 51 US Senate Committee on Finance, 2006. Testimony Concerning Executive Compensation and Options Backdating Practices by Linda Thomsen, 109th Congress, second Session, 6 September 2006. US vs. Crum, 529 F.2d 1380 (9th Cir. 1976). US vs. Micke, 859 F.2d 473 (7th Cir. 1988). US vs. Razmilovic, et al., 2004. Indictment filed in Eastern District of NY, 3 June 2004. Yermack, 1997, Good timing: CEO stock option awards and company news announcements, Journal of Finance, 52, 449, 10.2307/2329486