Author: Haidan Li
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
Book Description
This study provides a theoretical analysis and empirical investigation of the valuation implications of employee stock options. I extend the residual income model to incorporate the effects of employee stock options, and then empirically test the model using data related to employee stock options collected from companies' financial statements. I show that the value obtained from the traditional residual income model based on reported earnings must be adjusted for the value of outstanding options and expected stock option expense. The empirical results are consistent with the model, indicating the existence of a cross-sectional negative association between share prices and both outstanding employee stock options and expected stock option expense. In addition, I examine the market's response to the disclosures of stock option information around firms' 10-K filings with the SEC. I find that SFAS 123 footnote disclosures at 10-K filings communicate useful information about employee stock options to investors.
Employee Stock Options, Residual Income Valuation and Stock Price Reaction to SFAS 123 Footnote Disclosures
Author: Haidan Li
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
Book Description
This study provides a theoretical analysis and empirical investigation of the valuation implications of employee stock options. I extend the residual income model to incorporate the effects of employee stock options, and then empirically test the model using data related to employee stock options collected from companies' financial statements. I show that the value obtained from the traditional residual income model based on reported earnings must be adjusted for the value of outstanding options and expected stock option expense. The empirical results are consistent with the model, indicating the existence of a cross-sectional negative association between share prices and both outstanding employee stock options and expected stock option expense. In addition, I examine the market's response to the disclosures of stock option information around firms' 10-K filings with the SEC. I find that SFAS 123 footnote disclosures at 10-K filings communicate useful information about employee stock options to investors.
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
Book Description
This study provides a theoretical analysis and empirical investigation of the valuation implications of employee stock options. I extend the residual income model to incorporate the effects of employee stock options, and then empirically test the model using data related to employee stock options collected from companies' financial statements. I show that the value obtained from the traditional residual income model based on reported earnings must be adjusted for the value of outstanding options and expected stock option expense. The empirical results are consistent with the model, indicating the existence of a cross-sectional negative association between share prices and both outstanding employee stock options and expected stock option expense. In addition, I examine the market's response to the disclosures of stock option information around firms' 10-K filings with the SEC. I find that SFAS 123 footnote disclosures at 10-K filings communicate useful information about employee stock options to investors.
The Reliability of Employee Stock Option Fair Value Disclosures Under SFAS 123
Author: Carol Ann Marquardt
Publisher:
ISBN:
Category : Employee stock options
Languages : en
Pages : 232
Book Description
Publisher:
ISBN:
Category : Employee stock options
Languages : en
Pages : 232
Book Description
Employee stock option valuation under SFAS no. 123 and alternative models
Author: Anne Marie Clem
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 188
Book Description
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 188
Book Description
Expensing Employee Stock Options
Author: Norbert J. Michel
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 20
Book Description
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 20
Book Description
The Credit Market Perception of Employee Stock Options
Author: Yen-Jung Lee
Publisher:
ISBN:
Category : Credit ratings
Languages : en
Pages : 216
Book Description
Publisher:
ISBN:
Category : Credit ratings
Languages : en
Pages : 216
Book Description
Journal of Investment Management
Author:
Publisher:
ISBN:
Category : Investment analysis
Languages : en
Pages : 888
Book Description
Publisher:
ISBN:
Category : Investment analysis
Languages : en
Pages : 888
Book Description
Dissertation Abstracts International
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 580
Book Description
Abstracts of dissertations available on microfilm or as xerographic reproductions.
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 580
Book Description
Abstracts of dissertations available on microfilm or as xerographic reproductions.
IFRS 2
Author: International Accounting Standards Board
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 58
Book Description
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 58
Book Description
International Convergence of Capital Measurement and Capital Standards
Author:
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
Book Description
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
Book Description
Fair Value Measurements
Author: International Accounting Standards Board
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
Book Description