메뉴 건너뛰기




Volumn 38, Issue 5-6, 2011, Pages 536-573

Decomposing executive stock option exercises: Relative information and incentives to manage earnings

Author keywords

Earnings management; Executive compensation; Insider trading; Stock options

Indexed keywords


EID: 79960079376     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.2011.02239.x     Document Type: Article
Times cited : (17)

References (86)
  • 1
    • 50149097758 scopus 로고    scopus 로고
    • Are Executive Stock Option Exercises Driven by Private Information
    • Aboody, D., J. Hughes, J. Liu and W. Su (2008), 'Are Executive Stock Option Exercises Driven by Private Information?', Review of Accounting Studies, Vol. 13, No. 4, pp. 551-70.
    • (2008) Review of Accounting Studies , vol.13 , Issue.4 , pp. 551-570
    • Aboody, D.1    Hughes, J.2    Liu, J.3    Su, W.4
  • 2
    • 77951947368 scopus 로고    scopus 로고
    • Chief Executive Officer Equity Incentives and Accounting Irregularities
    • Armstrong, C.S., A.D. Jagolinzer and D.F. Larcker (2010), 'Chief Executive Officer Equity Incentives and Accounting Irregularities', Journal of Accounting Research, Vol. 48, No. 2, pp. 225-71.
    • (2010) Journal of Accounting Research , vol.48 , Issue.2 , pp. 225-271
    • Armstrong, C.S.1    Jagolinzer, A.D.2    Larcker, D.F.3
  • 3
    • 84990378597 scopus 로고    scopus 로고
    • Stock Option Compensation and Earnings Management Incentives
    • Baker, T., D. Collins and A. Reitenga (2003), 'Stock Option Compensation and Earnings Management Incentives', Journal of Accounting Auditing & Finance, Vol. 18, No. 4, pp. 557-82.
    • (2003) Journal of Accounting Auditing & Finance , vol.18 , Issue.4 , pp. 557-582
    • Baker, T.1    Collins, D.2    Reitenga, A.3
  • 4
    • 0002742759 scopus 로고
    • An Empirical Evaluation of Accounting Income Numbers
    • Ball, R. and P. Brown (1968), 'An Empirical Evaluation of Accounting Income Numbers', Journal of Accounting Research, Vol. 6, No. 2, pp. 159-78.
    • (1968) Journal of Accounting Research , vol.6 , Issue.2 , pp. 159-178
    • Ball, R.1    Brown, P.2
  • 5
    • 0030194534 scopus 로고    scopus 로고
    • Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics
    • Barber, B.M. and J.D. Lyon (1996), 'Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics', Journal of Financial Economics, Vol. 41, No. 3, pp. 359-99.
    • (1996) Journal of Financial Economics , vol.41 , Issue.3 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 6
    • 0003377027 scopus 로고    scopus 로고
    • Discretionary-Accruals Models and Audit Qualifications
    • Bartov, E., F.A. Gul and J.S.L. Tsui (2000), 'Discretionary-Accruals Models and Audit Qualifications', Journal of Accounting and Economics, Vol. 30, No. 3, pp. 421-52.
    • (2000) Journal of Accounting and Economics , vol.30 , Issue.3 , pp. 421-452
    • Bartov, E.1    Gul, F.A.2    Tsui, J.S.L.3
  • 7
    • 8744307216 scopus 로고    scopus 로고
    • Private Information, Earnings Manipulations, and Executive Stock-Option Exercises
    • Bartov, E. and P. Mohanram (2004), 'Private Information, Earnings Manipulations, and Executive Stock-Option Exercises', The Accounting Review, Vol. 79, No. 4, pp. 889-920.
    • (2004) The Accounting Review , vol.79 , Issue.4 , pp. 889-920
    • Bartov, E.1    Mohanram, P.2
  • 8
    • 0031498138 scopus 로고    scopus 로고
    • The Conservatism Principle and the Asymmetric Timeliness of Earnings
    • Basu, S. (1997), 'The Conservatism Principle and the Asymmetric Timeliness of Earnings', Journal of Accounting and Economics, Vol. 24, No. 1, pp. 3-37.
    • (1997) Journal of Accounting and Economics , vol.24 , Issue.1 , pp. 3-37
    • Basu, S.1
  • 10
    • 0036807761 scopus 로고    scopus 로고
    • Insider Trading, Earnings Quality, and Accrual Mispricing
    • Beneish, M.D. and M.E. Vargus (2002), 'Insider Trading, Earnings Quality, and Accrual Mispricing', The Accounting Review, Vol. 77, No. 4, pp. 755-91.
    • (2002) The Accounting Review , vol.77 , Issue.4 , pp. 755-791
    • Beneish, M.D.1    Vargus, M.E.2
  • 11
    • 34247620301 scopus 로고    scopus 로고
    • Employee Sentiment and Stock Option Compensation
    • Bergman, N.K. and D. Jenter (2007), 'Employee Sentiment and Stock Option Compensation', Journal of Financial Economics, Vol. 84, No. 3, pp. 667-712.
    • (2007) Journal of Financial Economics , vol.84 , Issue.3 , pp. 667-712
    • Bergman, N.K.1    Jenter, D.2
  • 13
    • 0013300881 scopus 로고    scopus 로고
    • Corporate Policies Restricting Trading by Insiders
    • Bettis, J.C., J.L. Coles and M.L. Lemmon (2000), 'Corporate Policies Restricting Trading by Insiders', Journal of Financial Economics, Vol. 57, No. 2, pp. 191-220.
    • (2000) Journal of Financial Economics , vol.57 , Issue.2 , pp. 191-220
    • Bettis, J.C.1    Coles, J.L.2    Lemmon, M.L.3
  • 14
    • 77951833874 scopus 로고    scopus 로고
    • Information Content of Insider Trades before and after the Sarbanes-Oxley Act
    • Brochet, F. (2010), 'Information Content of Insider Trades before and after the Sarbanes-Oxley Act', The Accounting Review, Vol. 85, No. 2, pp. 419-46.
    • (2010) The Accounting Review , vol.85 , Issue.2 , pp. 419-446
    • Brochet, F.1
  • 15
    • 0040212860 scopus 로고    scopus 로고
    • CEO Stock-Based Compensation: An Empirical Analysis of Incentive Intensity, Relative Mix, and Economic Determinants
    • Bryan, S., L. Hwang and S. Lilien (2000), 'CEO Stock-Based Compensation: An Empirical Analysis of Incentive Intensity, Relative Mix, and Economic Determinants', The Journal of Business, Vol. 73, No. 4, pp. 661-93.
    • (2000) The Journal of Business , vol.73 , Issue.4 , pp. 661-693
    • Bryan, S.1    Hwang, L.2    Lilien, S.3
  • 16
    • 29244483408 scopus 로고    scopus 로고
    • The Impact of Performance-Based Compensation on Misreporting
    • Burns, N. and S. Kedia, (2006), 'The Impact of Performance-Based Compensation on Misreporting', Journal of Financial Economics, Vol. 79, No. 1, pp. 35-67.
    • (2006) Journal of Financial Economics , vol.79 , Issue.1 , pp. 35-67
    • Burns, N.1    Kedia, S.2
  • 17
    • 33644687138 scopus 로고    scopus 로고
    • After Enron: Auditor Conservatism and Ex-Andersen Clients
    • Cahan, S.F. and W. Zhang (2006), 'After Enron: Auditor Conservatism and Ex-Andersen Clients', The Accounting Review, Vol. 81, No. 1, pp. 49-82.
    • (2006) The Accounting Review , vol.81 , Issue.1 , pp. 49-82
    • Cahan, S.F.1    Zhang, W.2
  • 18
    • 18044404846 scopus 로고    scopus 로고
    • Executive Stock Option Exercises and Inside Information
    • Carpenter, J.N. and B. Remmers (2001), 'Executive Stock Option Exercises and Inside Information', The Journal of Business, Vol. 74, No. 4, pp. 513-34.
    • (2001) The Journal of Business , vol.74 , Issue.4 , pp. 513-534
    • Carpenter, J.N.1    Remmers, B.2
  • 19
    • 0037775367 scopus 로고    scopus 로고
    • The Greed Cycle
    • September 23
    • Cassidy, J. (2002), 'The Greed Cycle', The New Yorker (September 23).
    • (2002) The New Yorker
    • Cassidy, J.1
  • 20
    • 18944390386 scopus 로고    scopus 로고
    • Equity Incentives and Earnings Management
    • Cheng, Q. and T.D. Warfield (2005), 'Equity Incentives and Earnings Management', The Accounting Review, Vol. 80, No. 2, pp. 441-76.
    • (2005) The Accounting Review , vol.80 , Issue.2 , pp. 441-476
    • Cheng, Q.1    Warfield, T.D.2
  • 21
    • 72249097130 scopus 로고    scopus 로고
    • The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating
    • Cicero, D.C. (2009), 'The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating', The Journal of Finance, Vol. 64, No. 6, pp. 2627-63.
    • (2009) The Journal of Finance , vol.64 , Issue.6 , pp. 2627-2663
    • Cicero, D.C.1
  • 22
    • 46049100780 scopus 로고    scopus 로고
    • Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods
    • Cohen, D. A., A. Dey and T.Z. Lys (2008), 'Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods', The Accounting Review, Vol. 83, No. 3, pp. 757-87.
    • (2008) The Accounting Review , vol.83 , Issue.3 , pp. 757-787
    • Cohen, D.A.1    Dey, A.2    Lys, T.Z.3
  • 23
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility
    • Core, J.E. and W. Guay (2002), 'Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility', Journal of Accounting Research, Vol. 40, No. 3, pp. 613-30.
    • (2002) Journal of Accounting Research , vol.40 , Issue.3 , pp. 613-630
    • Core, J.E.1    Guay, W.2
  • 24
    • 38149038650 scopus 로고    scopus 로고
    • Corporate Governance and Pay-for-Performance: The Impact of Earnings Management
    • Cornett, M.M., A.J. Marcus and H. Tehranian (2008), 'Corporate Governance and Pay-for-Performance: The Impact of Earnings Management', Journal of Financial Economics, Vol. 87, No. 2, pp. 357-73.
    • (2008) Journal of Financial Economics , vol.87 , Issue.2 , pp. 357-373
    • Cornett, M.M.1    Marcus, A.J.2    Tehranian, H.3
  • 25
    • 0036997124 scopus 로고    scopus 로고
    • The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors
    • Dechow, P.M. and I.D. Dichev (2002), 'The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors', The Accounting Review, Vol. 77, No. 4, pp. 35-59.
    • (2002) The Accounting Review , vol.77 , Issue.4 , pp. 35-59
    • Dechow, P.M.1    Dichev, I.D.2
  • 28
    • 0000628687 scopus 로고
    • Debt Covenant Violation and Manipulation of Accruals
    • DeFond, M.L. and J. Jiambalvo (1994), 'Debt Covenant Violation and Manipulation of Accruals', Journal of Accounting and Economics, Vol. 17, Nos. 1 & 2, pp. 145-76.
    • (1994) Journal of Accounting and Economics , vol.17 , Issue.1-2 , pp. 145-176
    • DeFond, M.L.1    Jiambalvo, J.2
  • 29
  • 30
    • 34547662432 scopus 로고    scopus 로고
    • Why Do Corporate Managers Misstate Financial Statements? The Role of Option Compensation and Other Factors
    • Efendi, J., A. Srivastava and E.P. Swanson (2007), 'Why Do Corporate Managers Misstate Financial Statements? The Role of Option Compensation and Other Factors', Journal of Financial Economics, Vol. 85, No. 3, pp. 667-708.
    • (2007) Journal of Financial Economics , vol.85 , Issue.3 , pp. 667-708
    • Efendi, J.1    Srivastava, A.2    Swanson, E.P.3
  • 31
    • 33645166634 scopus 로고    scopus 로고
    • Is There a Link between Executive Equity Incentives and Accounting Fraud
    • Erickson, M., M. Hanlon and E.L. Maydew (2006), 'Is There a Link between Executive Equity Incentives and Accounting Fraud?', Journal of Accounting Research, Vol. 44, No. 1, pp. 113-43.
    • (2006) Journal of Accounting Research , vol.44 , Issue.1 , pp. 113-143
    • Erickson, M.1    Hanlon, M.2    Maydew, E.L.3
  • 32
    • 0000983218 scopus 로고    scopus 로고
    • Using Asset Turnover and Profit Margin to Forecast Changes in Profitability
    • Fairfield, P.M. and T.L. Yohn (2001), 'Using Asset Turnover and Profit Margin to Forecast Changes in Profitability', Review of Accounting Studies, Vol. 6, No. 4, pp. 371-85.
    • (2001) Review of Accounting Studies , vol.6 , Issue.4 , pp. 371-385
    • Fairfield, P.M.1    Yohn, T.L.2
  • 33
    • 0010199571 scopus 로고    scopus 로고
    • Incentive Efficiency of Stock versus Options
    • Feltham, G.A. and M.G.H. Wu (2001), 'Incentive Efficiency of Stock versus Options', Review of Accounting Studies, Vol. 6, No. 1, pp. 7-28.
    • (2001) Review of Accounting Studies , vol.6 , Issue.1 , pp. 7-28
    • Feltham, G.A.1    Wu, M.G.H.2
  • 34
    • 33846233483 scopus 로고    scopus 로고
    • Insider Trading, News Releases, and Ownership Concentration
    • Fidrmuc, J.P., M. Goergen and L. Renneboog (2006), 'Insider Trading, News Releases, and Ownership Concentration', The Journal of Finance, Vol. 61, No. 6, pp. 2931-73.
    • (2006) The Journal of Finance , vol.61 , Issue.6 , pp. 2931-2973
    • Fidrmuc, J.P.1    Goergen, M.2    Renneboog, L.3
  • 35
    • 84944832528 scopus 로고
    • Insiders and Market Efficiency
    • Finnerty, J.E. (1976), 'Insiders and Market Efficiency', The Journal of Finance, Vol. 31, No. 4, pp. 1141-48.
    • (1976) The Journal of Finance , vol.31 , Issue.4 , pp. 1141-1148
    • Finnerty, J.E.1
  • 37
    • 79960106777 scopus 로고    scopus 로고
    • Earnings Management and Executive Compensation: A Case of Overdose of Option and Underdose of Salary?', Working Paper (University of Tennessee).
    • Gao, P. and R.E. Shrieves (2002), 'Earnings Management and Executive Compensation: A Case of Overdose of Option and Underdose of Salary?', Working Paper (University of Tennessee).
    • (2002)
    • Gao, P.1    Shrieves, R.E.2
  • 38
    • 33745312194 scopus 로고    scopus 로고
    • The Disclosure of Material Weaknesses in Internal Control after the Sarbanes-Oxley Act
    • Ge, W. and S. McVay (2005), 'The Disclosure of Material Weaknesses in Internal Control after the Sarbanes-Oxley Act', Accounting Horizons, Vol. 19, No. 3, pp. 137-58.
    • (2005) Accounting Horizons , vol.19 , Issue.3 , pp. 137-158
    • Ge, W.1    McVay, S.2
  • 39
    • 0002345792 scopus 로고    scopus 로고
    • The Sensitivity of CEO Wealth to Equity Risk: An Analysis of the Magnitude and Determinants
    • Guay, W.R. (1999), 'The Sensitivity of CEO Wealth to Equity Risk: An Analysis of the Magnitude and Determinants', Journal of Financial Economics, Vol. 53, No. 1, pp. 43-71.
    • (1999) Journal of Financial Economics , vol.53 , Issue.1 , pp. 43-71
    • Guay, W.R.1
  • 40
  • 41
    • 0009200691 scopus 로고    scopus 로고
    • Are Ceos Really Paid Like Bureaucrats
    • Hall, B.J. and J.B. Liebman (1998), 'Are Ceos Really Paid Like Bureaucrats?', Quarterly Journal of Economics, Vol. 113, No. 3, pp. 653-91.
    • (1998) Quarterly Journal of Economics , vol.113 , Issue.3 , pp. 653-691
    • Hall, B.J.1    Liebman, J.B.2
  • 42
    • 0036186952 scopus 로고    scopus 로고
    • Stock Options for Undiversified Executives
    • Hall, B.J. and K.J. Murphy (2002), 'Stock Options for Undiversified Executives', Journal of Accounting and Economics, Vol. 33, No. 1, pp. 3-42.
    • (2002) Journal of Accounting and Economics , vol.33 , Issue.1 , pp. 3-42
    • Hall, B.J.1    Murphy, K.J.2
  • 44
    • 33846502600 scopus 로고    scopus 로고
    • Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants
    • Heron, R.A. and E. Lie (2007), 'Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants?', Journal of Financial Economics, Vol. 83, No. 2, pp. 271-95.
    • (2007) Journal of Financial Economics , vol.83 , Issue.2 , pp. 271-295
    • Heron, R.A.1    Lie, E.2
  • 45
    • 0008565668 scopus 로고    scopus 로고
    • The Market Evaluation of Information in Directors' Trades
    • Hillier, D. and A.P. Marshall (2002a), 'The Market Evaluation of Information in Directors' Trades', Journal of Business Finance & Accounting, Vol. 29, Nos. 1&2, pp. 77-110.
    • (2002) Journal of Business Finance & Accounting , vol.29 , Issue.1-2 , pp. 77-110
    • Hillier, D.1    Marshall, A.P.2
  • 46
    • 0036344603 scopus 로고    scopus 로고
    • Are Trading Bans Effective? Exchange Regulation and Corporate Insider Transactions Around Earnings Announcements
    • Hillier, D. and A.P. Marshall (2002b), 'Are Trading Bans Effective? Exchange Regulation and Corporate Insider Transactions Around Earnings Announcements', Journal of Corporate Finance, Vol. 8, No. 4, pp. 393-410.
    • (2002) Journal of Corporate Finance , vol.8 , Issue.4 , pp. 393-410
    • Hillier, D.1    Marshall, A.P.2
  • 47
    • 0037217428 scopus 로고    scopus 로고
    • Information Distribution Within Firms: Evidence from Stock Option Exercises
    • Huddart, S.J. and M. Lang (2003), 'Information Distribution Within Firms: Evidence from Stock Option Exercises', Journal of Accounting and Economics, Vol. 34, Nos. 1-3, pp. 3-31.
    • (2003) Journal of Accounting and Economics , vol.34 , Issue.1-3 , pp. 3-31
    • Huddart, S.J.1    Lang, M.2
  • 48
    • 0037219527 scopus 로고    scopus 로고
    • The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms
    • Ittner, C.D., R.A. Lambert and D.F. Larcker (2003), 'The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms', Journal of Accounting and Economics, Vol. 34, Nos. 1-3, pp. 89-127.
    • (2003) Journal of Accounting and Economics , vol.34 , Issue.1-3 , pp. 89-127
    • Ittner, C.D.1    Lambert, R.A.2    Larcker, D.F.3
  • 49
    • 0000929855 scopus 로고
    • Special Information and Insider Trading
    • Jaffe, J.F (1974), 'Special Information and Insider Trading', The Journal of Business, Vol. 47, No. 3, pp. 410-28.
    • (1974) The Journal of Business , vol.47 , Issue.3 , pp. 410-428
    • Jaffe, J.F.1
  • 50
    • 0037677733 scopus 로고    scopus 로고
    • Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective
    • Jeng, L.A., A. Metrick and R. Zeckhauser (2003), 'Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective', Review of Economics and Statistics, Vol. 85, No. 2, pp. 453-71.
    • (2003) Review of Economics and Statistics , vol.85 , Issue.2 , pp. 453-471
    • Jeng, L.A.1    Metrick, A.2    Zeckhauser, R.3
  • 51
    • 19744374683 scopus 로고    scopus 로고
    • Agency Costs of Overvalued Equity
    • Jensen, M.C. (2005), 'Agency Costs of Overvalued Equity', Financial Management, Vol. 34, No. 1, pp. 5-19.
    • (2005) Financial Management , vol.34 , Issue.1 , pp. 5-19
    • Jensen, M.C.1
  • 52
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • Jensen, M.C. and W.H. Meckling (1976), 'Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure', Journal of Financial Economics, Vol. 3, No. 4, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 53
    • 56349116171 scopus 로고    scopus 로고
    • Effect of Personal Taxes on Managers' Decisions to Sell Their Stock
    • Jin, L. and S.P. Kothari (2008), 'Effect of Personal Taxes on Managers' Decisions to Sell Their Stock', Journal of Accounting and Economics, Vol. 46, No. 1, pp. 23-46.
    • (2008) Journal of Accounting and Economics , vol.46 , Issue.1 , pp. 23-46
    • Jin, L.1    Kothari, S.P.2
  • 54
    • 0000862461 scopus 로고
    • Earnings Management During Import Relief Investigations
    • Jones, J.J. (1991), 'Earnings Management During Import Relief Investigations', Journal of Accounting Research, Vol. 29, No. 2, pp. 193-228.
    • (1991) Journal of Accounting Research , vol.29 , Issue.2 , pp. 193-228
    • Jones, J.J.1
  • 55
    • 79960095609 scopus 로고    scopus 로고
    • Executive Stock Options and Earnings Management - A Theoretical and Empirical Analysis', Working Paper (Washington University).
    • Kadan, O. and J. Yang (2005), 'Executive Stock Options and Earnings Management - A Theoretical and Empirical Analysis', Working Paper (Washington University).
    • (2005)
    • Kadan, O.1    Yang, J.2
  • 56
    • 0037219444 scopus 로고    scopus 로고
    • Discussion of "Information Distribution Within Firms: Evidence from Stock Option Exercises
    • Kasznik, R. (2003), 'Discussion of "Information Distribution Within Firms: Evidence from Stock Option Exercises"', Journal of Accounting and Economics, Vol. 34, Nos. 1-3, pp. 33-41.
    • (2003) Journal of Accounting and Economics , vol.34 , Issue.1-3 , pp. 33-41
    • Kasznik, R.1
  • 57
    • 0042929878 scopus 로고    scopus 로고
    • What Insiders Know About Future Earnings and How They Use It: Evidence from Insider Trades
    • Ke, B., S.J. Huddart and K. Petroni (2003), 'What Insiders Know About Future Earnings and How They Use It: Evidence from Insider Trades', Journal of Accounting and Economics, Vol. 35, No. 3, pp. 315-46.
    • (2003) Journal of Accounting and Economics , vol.35 , Issue.3 , pp. 315-346
    • Ke, B.1    Huddart, S.J.2    Petroni, K.3
  • 58
    • 79960090243 scopus 로고    scopus 로고
    • Knowledge at Wharton, Stock Options: The End of the Affair?'.
    • Knowledge at Wharton (2003), 'Stock Options: The End of the Affair?'.
    • (2003)
  • 60
    • 79960107552 scopus 로고    scopus 로고
    • Sign of Times: GE Chief Immelt to Get Stock - Not Options
    • September 18)
    • Kranhold, K. (2003), 'Sign of Times: GE Chief Immelt to Get Stock - Not Options', Wall Street Journal (September 18), B1.
    • (2003) Wall Street Journal
    • Kranhold, K.1
  • 61
    • 56649121704 scopus 로고    scopus 로고
    • Performance-Vested Stock Options and Earnings Management
    • Kuang, Y.F. (2008), 'Performance-Vested Stock Options and Earnings Management', Journal of Business Finance & Accounting, Vol. 35, Nos. 9&10, pp. 1049-78.
    • (2008) Journal of Business Finance & Accounting , vol.35 , Issue.9-10 , pp. 1049-1078
    • Kuang, Y.F.1
  • 62
    • 0035578755 scopus 로고    scopus 로고
    • Are Insider Trades Informative
    • Lakonishok, J. and I. Lee (2001), 'Are Insider Trades Informative?', Review of Financial Studies, Vol. 14, No. 1, pp. 79-11.
    • (2001) Review of Financial Studies , vol.14 , Issue.1 , pp. 79-11
    • Lakonishok, J.1    Lee, I.2
  • 63
    • 20944442909 scopus 로고    scopus 로고
    • On the Timing of CEO Stock Option Awards
    • Lie, E. (2005), 'On the Timing of CEO Stock Option Awards', Management Science, Vol. 51, No. 5, pp. 802-12.
    • (2005) Management Science , vol.51 , Issue.5 , pp. 802-812
    • Lie, E.1
  • 64
    • 0036613965 scopus 로고    scopus 로고
    • Incentive Stock Options and the Alternative Minimum Tax: The Worst of Times
    • Lipman, F.J. (2002), 'Incentive Stock Options and the Alternative Minimum Tax: The Worst of Times', Harvard Journal on Legislation, Vol. 39, pp. 337-73.
    • (2002) Harvard Journal on Legislation , vol.39 , pp. 337-373
    • Lipman, F.J.1
  • 66
    • 39749130391 scopus 로고    scopus 로고
    • Executive Stock Options, Missed Earnings Targets, and Earnings Management
    • McAnally, M.L., A. Srivastava and C.D. Weaver (2008), 'Executive Stock Options, Missed Earnings Targets, and Earnings Management', The Accounting Review, Vol. 83, No. 1, pp. 185-216.
    • (2008) The Accounting Review , vol.83 , Issue.1 , pp. 185-216
    • McAnally, M.L.1    Srivastava, A.2    Weaver, C.D.3
  • 67
    • 79960099369 scopus 로고    scopus 로고
    • Largest Groups Rein in Excessive Deals', Financial Times(September 19).
    • Michaels, A. (2003), 'Largest Groups Rein in Excessive Deals', Financial Times(September 19).
    • (2003)
    • Michaels, A.1
  • 68
    • 79960094496 scopus 로고    scopus 로고
    • Executive Compensation', Working Paper (University of Southern California).
    • Murphy, K.J. (1998), 'Executive Compensation', Working Paper (University of Southern California).
    • (1998)
    • Murphy, K.J.1
  • 69
    • 0039027651 scopus 로고    scopus 로고
    • Taking Stock: Equity-Based Compensation and the Evolution of Managerial Ownership
    • Ofek, E. and D. Yermack (2000), 'Taking Stock: Equity-Based Compensation and the Evolution of Managerial Ownership', The Journal of Finance, Vol. 55, No. 3, pp. 1367-84.
    • (2000) The Journal of Finance , vol.55 , Issue.3 , pp. 1367-1384
    • Ofek, E.1    Yermack, D.2
  • 71
    • 8744238194 scopus 로고    scopus 로고
    • Do Insider Trades Reflect Both Contrarian Beliefs and Superior Knowledge About Future Cash Flow Realizations
    • Piotroski, J.D. and D.T. Roulstone (2005), 'Do Insider Trades Reflect Both Contrarian Beliefs and Superior Knowledge About Future Cash Flow Realizations?', Journal of Accounting and Economics, Vol. 39, No. 1, pp. 55-81.
    • (2005) Journal of Accounting and Economics , vol.39 , Issue.1 , pp. 55-81
    • Piotroski, J.D.1    Roulstone, D.T.2
  • 72
    • 84978597496 scopus 로고
    • Insider Trading: Some Evidence on Market Efficiency and Directors' Share Dealings in Great Britain
    • Pope, P., R. Morris and D. Peel (1990), 'Insider Trading: Some Evidence on Market Efficiency and Directors' Share Dealings in Great Britain', Journal of Business Finance & Accounting, Vol. 17, No. 3, pp. 359-80.
    • (1990) Journal of Business Finance & Accounting , vol.17 , Issue.3 , pp. 359-380
    • Pope, P.1    Morris, R.2    Peel, D.3
  • 73
    • 0036271833 scopus 로고    scopus 로고
    • Empirical Evidence on the Relation Between Stock Option Compensation and Risk Taking
    • Rajgopal, S. and T. Shevlin (2002), 'Empirical Evidence on the Relation Between Stock Option Compensation and Risk Taking', Journal of Accounting and Economics, Vol. 33, No. 2, pp. 145-71.
    • (2002) Journal of Accounting and Economics , vol.33 , Issue.2 , pp. 145-171
    • Rajgopal, S.1    Shevlin, T.2
  • 74
    • 0037843507 scopus 로고    scopus 로고
    • The Relation between Insider-Trading Restrictions and Executive Compensation
    • Roulstone, D.T. (2003), 'The Relation between Insider-Trading Restrictions and Executive Compensation', Journal of Accounting Research, Vol. 41, No. 3, pp. 525-51.
    • (2003) Journal of Accounting Research , vol.41 , Issue.3 , pp. 525-551
    • Roulstone, D.T.1
  • 75
    • 0040944388 scopus 로고    scopus 로고
    • Overreaction and Insider Trading: Evidence from Growth and Value Portfolios
    • Rozeff, M.S. and M.A. Zaman (1998), 'Overreaction and Insider Trading: Evidence from Growth and Value Portfolios', The Journal of Finance, Vol. 53, No. 2, pp. 701-16.
    • (1998) The Journal of Finance , vol.53 , Issue.2 , pp. 701-716
    • Rozeff, M.S.1    Zaman, M.A.2
  • 78
    • 38249038899 scopus 로고
    • Insiders' Profits, Costs of Trading, and Market Efficiency
    • Seyhun, H.N. (1986), 'Insiders' Profits, Costs of Trading, and Market Efficiency', Journal of Financial Economics, Vol. 16, No. 2, pp. 189-212.
    • (1986) Journal of Financial Economics , vol.16 , Issue.2 , pp. 189-212
    • Seyhun, H.N.1
  • 80
    • 52649103582 scopus 로고    scopus 로고
    • Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio
    • Skinner, D. and R.G. Sloan (2002), 'Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio', Review of Accounting Studies, Vol. 7, No. 2, pp. 289-312.
    • (2002) Review of Accounting Studies , vol.7 , Issue.2 , pp. 289-312
    • Skinner, D.1    Sloan, R.G.2
  • 81
    • 0030305172 scopus 로고    scopus 로고
    • Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings
    • Sloan, R.G. (1996), 'Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?', The Accounting Review, Vol. 71, No. 3, pp. 289-315.
    • (1996) The Accounting Review , vol.71 , Issue.3 , pp. 289-315
    • Sloan, R.G.1
  • 83
    • 46049101433 scopus 로고    scopus 로고
    • The Use of DuPont Analysis by Market Participants
    • Soliman, M.T. (2008), 'The Use of DuPont Analysis by Market Participants', The Accounting Review, Vol. 83, No. 3, pp. 823-53.
    • (2008) The Accounting Review , vol.83 , Issue.3 , pp. 823-853
    • Soliman, M.T.1
  • 84
    • 0000545801 scopus 로고    scopus 로고
    • Earnings Management and the Underperformance of Seasoned Equity Offerings
    • Teoh, S.H., I. Welch and T.J. Wong (1998), 'Earnings Management and the Underperformance of Seasoned Equity Offerings', Journal of Financial Economics, Vol. 50, No. 1, pp. 63-99.
    • (1998) Journal of Financial Economics , vol.50 , Issue.1 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 85
  • 86
    • 29244449810 scopus 로고    scopus 로고
    • Insider Trading and Pay-Performance Sensitivity: An Empirical Analysis
    • Zhang, W., S.F. Cahan and A.C. Allen (2005), 'Insider Trading and Pay-Performance Sensitivity: An Empirical Analysis', Journal of Business Finance & Accounting, Vol. 32, Nos. 9&10, pp. 1887-919.
    • (2005) Journal of Business Finance & Accounting , vol.32 , Issue.9-10 , pp. 1887-1919
    • Zhang, W.1    Cahan, S.F.2    Allen, A.C.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.