Impact of backdating

19-Apr-2019 15:16

Shenoy, ―Stock Price Decreases Prior to Executive Stock Option Grants‖ (2001) vol. Cicconi, ―Blaming the Tax Code for the Backdating Scandal‖ (2007) vol. Seyhun, ―The Dating Game: Do Managers Designate Option Grant Dates to Increase Their Compensation‖ (2008) vol. Lie, ―What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated? Walker, ―Unpacking Backdating: Economic Analysis and Observations On The Stock Option Scandal‖ (2007) vol. Melnitzer, ―Manipulation ‗Serious Problem‘‖, Financial Post, September 19, 2007. Petruno, ―In Options Backdating Scandal, Shareholders are Real Victims‖, Los Angeles Times, August 13, 2005. Yermack ―Good Timing: CEO Stock Option Awards and Company News Announcements‖ (1997) vol. We find that the losses are attenuated when tainted management of less successful firms is more likely to be replaced.We also find that institutional investors reduce their holdings in firms accused of backdating, possibly due to higher monitoring costs, and that firms involved in the scandal are very likely (10% of the sample) to receive arguably fair takeover offers.

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