文档介绍：本科毕业设计(论文)
外文翻译
外文
Stock Option Grants, Current Operating Performance
and Deferral of Earnings
We examine a potential negative consequence of stock option grants to the ChiefExecutive Officer (CEO). Using a large sample of public firms spanning the period1992-2001, we classify firm-year observations into three groups based on the stockoption proportion of pensation to the CEO. We empirically document a negativerelation between stock option proportion and contemporaneous operating provide evidence of earnings deferral manifested by significantly negative ruals for the group with high proportion of stock options.
2. Research Design and Empirical Model
Research Design
We examine CEO stock options grants of public corporations during 1992-2001. While stock options grants are used pensate other employees as well as CEOs, this study focuses only on CEOs. In our sample, stock options constitute a larger proportion of CEO’s pared to other employees. We measure the stock option proportion as the ratio of Black-Scholes value of the total options granted to the CEO in a particular year to the pensation granted to the CEO that year. Consistent with Klassen and Mawani (2000) and Ittner, Lambert and Larcker (2003), stock option proportion for each firm-year is defined as follows:
V SOPROP t t = Vt/ TCt ____ [1]
where SOPROP is the proportion of pensation that con