The Earnings Quality Consequences of Announcements to Voluntarily Adopt the Fair Value Method of Accounting for Stock-Based Compensation* PDF Download

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The Earnings Quality Consequences of Announcements to Voluntarily Adopt the Fair Value Method of Accounting for Stock-Based Compensation*

The Earnings Quality Consequences of Announcements to Voluntarily Adopt the Fair Value Method of Accounting for Stock-Based Compensation* PDF Author: Shilpa Manaktala
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Languages : en
Pages : 31

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Book Description
Between July and December, 2002, 150 firms announced plans to voluntarily adopt the fair value method of accounting for stock-based compensation. We investigate whether such announcements increased the quality of these firms' earnings as perceived by market participants. Using two measures of earnings quality, the price/earnings relation and the earnings response coefficient, we find evidence consistent with an increase in earnings quality for these firms relative to a control set of firms that in 2002 did not announce plans to adopt the SFAS 123 stock-based compensation recognition provisions.