메뉴 건너뛰기




Volumn 41, Issue 7-8, 2014, Pages 1042-1070

What drives executive stock option backdating?

Author keywords

Backdating; Corporate governance; Executive compensation; Stock option grants

Indexed keywords


EID: 84907933961     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/jbfa.12077     Document Type: Article
Times cited : (4)

References (40)
  • 1
    • 0002854219 scopus 로고    scopus 로고
    • CEO Stock Option Awards and the Timing of Corporate Voluntary Disclosures
    • Aboody, D. and R. Kasznik (2000), 'CEO Stock Option Awards and the Timing of Corporate Voluntary Disclosures', Journal of Accounting Economics, Vol. 29, No. 1, pp. 73-100.
    • (2000) Journal of Accounting Economics , vol.29 , Issue.1 , pp. 73-100
    • Aboody, D.1    Kasznik, R.2
  • 2
    • 0034215912 scopus 로고    scopus 로고
    • On the Optimality of Resetting Executive Stock Options
    • Acharya, V., K. John and R. Sundaram (2000), 'On the Optimality of Resetting Executive Stock Options', Journal of Financial Economics, Vol. 57, No. 1, pp. 65-101.
    • (2000) Journal of Financial Economics , vol.57 , Issue.1 , pp. 65-101
    • Acharya, V.1    John, K.2    Sundaram, R.3
  • 3
    • 59749088115 scopus 로고    scopus 로고
    • Discussion of "The Impact of the Options Backdating Scandal on Shareholders and Taxes and the Backdating of Stock Option Exercise Dates
    • Armstrong, S. and D. Larcker (2009), 'Discussion of "The Impact of the Options Backdating Scandal on Shareholders and Taxes and the Backdating of Stock Option Exercise Dates"', Journal of Accounting and Economics, Vol. 47, Nos. 1&2, pp. 50-8.
    • (2009) Journal of Accounting and Economics , vol.47 , Issue.1-2 , pp. 50-58
    • Armstrong, S.1    Larcker, D.2
  • 4
    • 59449102162 scopus 로고    scopus 로고
    • What Matters in Corporate Governance?
    • Bebchuk, L., A. Cohen and A. Ferrell (2009), 'What Matters in Corporate Governance?' Review of Financial Studies, Vol. 22, No. 2, pp. 783-827.
    • (2009) Review of Financial Studies , vol.22 , Issue.2 , pp. 783-827
    • Bebchuk, L.1    Cohen, A.2    Ferrell, A.3
  • 5
    • 59749106378 scopus 로고    scopus 로고
    • The Impact of the Options Backdating Scandal on Shareholders
    • Bernile, G. and G. Jarrell (2009), 'The Impact of the Options Backdating Scandal on Shareholders', Journal of Accounting and Economics, Vol. 47, Nos. 1&2, pp. 2-26.
    • (2009) Journal of Accounting and Economics , vol.47 , Issue.1-2 , pp. 2-26
    • Bernile, G.1    Jarrell, G.2
  • 6
    • 71949103085 scopus 로고    scopus 로고
    • Option Backdating and Board Interlocks
    • Bizjak, J., M. Lemmon and R. Whitby (2009), 'Option Backdating and Board Interlocks', Review of Financial Studies, Vol. 22, No. 11, pp. 4, 821-47.
    • (2009) Review of Financial Studies , vol.22 , Issue.11 , pp. 821-847
    • Bizjak, J.1    Lemmon, M.2    Whitby, R.3
  • 8
    • 77953659099 scopus 로고    scopus 로고
    • Executive Compensation and the Maturity Structure of Corporate Debt
    • Brockman, P., X. Martin and E. Unlu (2010), 'Executive Compensation and the Maturity Structure of Corporate Debt', Journal of Finance, Vol. 65, No. 3, pp. 1, 123-61.
    • (2010) Journal of Finance , vol.65 , Issue.3 , pp. 1123-1161
    • Brockman, P.1    Martin, X.2    Unlu, E.3
  • 9
    • 4344587742 scopus 로고    scopus 로고
    • The Timing of Option Repricing
    • Callaghan, S., P. Saly and C. Subramanian (2004), 'The Timing of Option Repricing', Journal of Finance, Vol. 59, No. 4, pp. 1, 651-76.
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1651-1676
    • Callaghan, S.1    Saly, P.2    Subramanian, C.3
  • 10
    • 0001310120 scopus 로고    scopus 로고
    • An Examination of Executive Stock Option Repricing
    • Carter, M. and L. Lynch (2001), 'An Examination of Executive Stock Option Repricing', Journal of Financial Economics, Vol. 61, No. 2, pp. 207-25.
    • (2001) Journal of Financial Economics , vol.61 , Issue.2 , pp. 207-225
    • Carter, M.1    Lynch, L.2
  • 11
    • 0037376845 scopus 로고    scopus 로고
    • The Consequences of the FASB's 1998 Proposal on Accounting for Stock Option Repricing
    • Carter, M. and L. Lynch (2003), 'The Consequences of the FASB's 1998 Proposal on Accounting for Stock Option Repricing', Journal of Accounting and Economics, Vol. 35, No. 1, pp. 51-72.
    • (2003) Journal of Accounting and Economics , vol.35 , Issue.1 , pp. 51-72
    • Carter, M.1    Lynch, L.2
  • 12
    • 0034215925 scopus 로고    scopus 로고
    • The "Repricing" of Executive Stock Options
    • Chance, D., R. Kumar and R. Todd (2000), 'The "Repricing" of Executive Stock Options', Journal of Financial Economics, Vol. 57, No. 1, pp. 129-54.
    • (2000) Journal of Financial Economics , vol.57 , Issue.1 , pp. 129-154
    • Chance, D.1    Kumar, R.2    Todd, R.3
  • 13
    • 0042872963 scopus 로고    scopus 로고
    • Stock Price Decreases Prior to Executive Stock Option Grants
    • Chauvin, K. and C. Shenoy (2001), 'Stock Price Decreases Prior to Executive Stock Option Grants', Journal of Corporate Finance, Vol. 7, No. 1, pp. 53-76.
    • (2001) Journal of Corporate Finance , vol.7 , Issue.1 , pp. 53-76
    • Chauvin, K.1    Shenoy, C.2
  • 14
    • 2942748348 scopus 로고    scopus 로고
    • Executive Option Repricing, Incentives, and Retention
    • Chen, M. (2004), 'Executive Option Repricing, Incentives, and Retention', Journal of Finance, Vol. 59, No. 3, pp. 1, 167-200.
    • (2004) Journal of Finance , vol.59 , Issue.3 , pp. 1167-1200
    • Chen, M.1
  • 15
    • 0037972263 scopus 로고    scopus 로고
    • Executive Stock Option Repricing, Internal Governance Mechanisms, and Management Turnover
    • Chidambaran, N. and N. Prabhala (2003), 'Executive Stock Option Repricing, Internal Governance Mechanisms, and Management Turnover', Journal of Financial Economics, Vol. 69, No. 1, pp. 153-89.
    • (2003) Journal of Financial Economics , vol.69 , Issue.1 , pp. 153-189
    • Chidambaran, N.1    Prabhala, N.2
  • 16
    • 76249134374 scopus 로고    scopus 로고
    • Corporate Governance and Backdating of Executive Stock Options
    • Collins, D., G. Gong and H. Li (2009), 'Corporate Governance and Backdating of Executive Stock Options', Contemporary Accounting Research, Vol. 26, No. 2, pp. 403-45.
    • (2009) Contemporary Accounting Research , vol.26 , Issue.2 , pp. 403-445
    • Collins, D.1    Gong, G.2    Li, H.3
  • 17
    • 0001245231 scopus 로고    scopus 로고
    • The Use of Equity Grants to Manage Optimal Equity Incentive Levels
    • Core, J. and W. Guay (1999), 'The Use of Equity Grants to Manage Optimal Equity Incentive Levels', Journal of Accounting and Economics, Vol. 28, No. 2, pp. 151-84.
    • (1999) Journal of Accounting and Economics , vol.28 , Issue.2 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 18
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility
    • Core, J. 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.1    Guay, W.2
  • 19
  • 20
    • 84907947082 scopus 로고    scopus 로고
    • The Economic Rationale for Option Backdating: Incentive-based Explanations'
    • Doctoral Thesis (Washington State University).
    • Fang, H. (2010), 'The Economic Rationale for Option Backdating: Incentive-based Explanations', Doctoral Thesis (Washington State University).
    • (2010)
    • Fang, H.1
  • 22
    • 84907947081 scopus 로고    scopus 로고
    • Backdating Executive Stock Option Grants: Is It All Agency?'
    • Working Paper (Singapore: Nanyang Technological University).
    • Gao, H. and H. Mahmudi (2011), 'Backdating Executive Stock Option Grants: Is It All Agency?' Working Paper (Singapore: Nanyang Technological University).
    • (2011)
    • Gao, H.1    Mahmudi, H.2
  • 24
    • 0004296209 scopus 로고    scopus 로고
    • 7th ed. (Upper Saddle River, NJ: Prentice Hall).
    • Greene, W. (2012), Econometric Analysis, 7th ed. (Upper Saddle River, NJ: Prentice Hall).
    • (2012) Econometric Analysis
    • Greene, W.1
  • 25
    • 33846502600 scopus 로고    scopus 로고
    • Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants?
    • Heron, R. 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.1    Lie, E.2
  • 26
    • 67650324409 scopus 로고    scopus 로고
    • What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated?
    • Heron, R. and E. Lie (2009), 'What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated?' Management Science, Vol. 55, No. 4, pp. 513-25.
    • (2009) Management Science , vol.55 , Issue.4 , pp. 513-525
    • Heron, R.1    Lie, E.2
  • 27
    • 84907947080 scopus 로고    scopus 로고
    • Timing of CEO Stock Option Grants and Corporate Disclosures: New Evidence from the Post-SOX and Post-backdating-scandal Era'
    • Working Paper (Canada: University of Toronto).
    • Huang, W. and H. Lu (2010), 'Timing of CEO Stock Option Grants and Corporate Disclosures: New Evidence from the Post-SOX and Post-backdating-scandal Era', Working Paper (Canada: University of Toronto).
    • (2010)
    • Huang, W.1    Lu, H.2
  • 29
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure
    • Jensen, C. and 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, C.1    Meckling, H.2
  • 30
    • 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
  • 31
    • 55349089885 scopus 로고    scopus 로고
    • Compensation and Top Management Turnover'
    • Working Paper (New York University).
    • Mehran, H. and D. Yermack (1997), 'Compensation and Top Management Turnover', Working Paper (New York University).
    • (1997)
    • Mehran, H.1    Yermack, D.2
  • 32
    • 33645896609 scopus 로고
    • Management Ownership and Market Valuation: An Empirical Analysis
    • Morck, R., A. Shleifer and R. Vishny (1988), 'Management Ownership and Market Valuation: An Empirical Analysis', Journal of Financial Economics, Vol. 20, Nos. 1&2, pp. 293-315.
    • (1988) Journal of Financial Economics , vol.20 , Issue.1-2 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 33
    • 34547297217 scopus 로고    scopus 로고
    • The Economic Impact of Backdating of Executive Stock Options
    • Narayanan, M., C. Schipani and H. Seyhun (2007), 'The Economic Impact of Backdating of Executive Stock Options', Michigan Law Review, Vol. 105, pp. 1, 597-642.
    • (2007) Michigan Law Review , vol.105 , pp. 1597-1642
    • Narayanan, M.1    Schipani, C.2    Seyhun, H.3
  • 34
    • 52449105688 scopus 로고    scopus 로고
    • The Dating Game: Do Managers Designate Option Grant Dates to Increase Their Compensation?
    • Narayanan, M. and H. Seyhun (2008), 'The Dating Game: Do Managers Designate Option Grant Dates to Increase Their Compensation?' Review of Financial Studies, Vol. 21, No. 5, pp. 1, 907-45.
    • (2008) Review of Financial Studies , vol.21 , Issue.5 , pp. 1907-1945
    • Narayanan, M.1    Seyhun, H.2
  • 35
    • 84907947079 scopus 로고    scopus 로고
    • Stock Option Repricing in Europe', Working Paper (University of Amsterdam).
    • Sauer, M. and Z. Sautner (2008), 'Stock Option Repricing in Europe', Working Paper (University of Amsterdam).
    • (2008)
    • Sauer, M.1    Sautner, Z.2
  • 36
    • 84977718051 scopus 로고
    • Stock and Compensation
    • Scholes, M. (1991), 'Stock and Compensation', Journal of Finance, Vol. 46, No. 3, pp. 803-23.
    • (1991) Journal of Finance , vol.46 , Issue.3 , pp. 803-823
    • Scholes, M.1
  • 37
    • 0037627307 scopus 로고    scopus 로고
    • Analysis of a Practical Formula for the Valuation of Employee Stock Options
    • Veld, C. (2003), 'Analysis of a Practical Formula for the Valuation of Employee Stock Options', Applied Economics Letters, Vol. 10, No. 4, pp. 205-8.
    • (2003) Applied Economics Letters , vol.10 , Issue.4 , pp. 205-208
    • Veld, C.1
  • 38
    • 84907947078 scopus 로고    scopus 로고
    • Available at
    • Wall Street Journal Online (2007), Options Scorecard, Available at http://online.wsj.com/public/resources/documents/info-optionsscore06-full.html.
    • (2007) Wall Street Journal Online Options Scorecard
  • 39
    • 0030078208 scopus 로고    scopus 로고
    • Higher Market Valuation of Companies with Small Boards of Directors
    • Yermack, D. (1996), 'Higher Market Valuation of Companies with Small Boards of Directors', Journal of Financial Economics, Vol. 40, No. 2, pp. 185-211.
    • (1996) Journal of Financial Economics , vol.40 , Issue.2 , pp. 185-211
    • Yermack, D.1
  • 40
    • 0040238831 scopus 로고    scopus 로고
    • Good Timing: CEO Stock Option Awards and Company News Announcements
    • Yermack, D. (1997), 'Good Timing: CEO Stock Option Awards and Company News Announcements', Journal of Finance, Vol. 52, No. 2, pp. 449-76.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.