Right on Schedule: CEO Option Grants and Opportunism
作者： Robert M. Daines , Grant R. McQueen , Robert J. Schonlau
DOI: 10.1017/S0022109017001259
关键词:
摘要: After the public outcry over backdating, many firms began scheduling option grants. This eliminates backdating but creates other agency problems: Chief executive officers (CEOs) aware of upcoming grants have an incentive to temporarily depress stock prices obtain lower strike prices. We show that some CEOs manipulated increase compensation, documenting negative abnormal returns before scheduled and positive afterward. These are explained by measures CEOs’ incentives ability influence document several mechanisms used price, including changing substance timing disclosures.
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