کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086970 | 1478198 | 2009 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of the options backdating scandal on shareholders
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
The revelation that scores of firms engaged in the illegal manipulation of stock options' grant dates (i.e. “backdating”) captured much public attention. The evidence indicates that the consequences stemming from management misconduct and misrepresentation are of first-order importance in this context as shareholders of firms accused of backdating experience large negative, statistically significant abnormal returns. Furthermore, shareholders' losses are directly related to firms' likely culpability and the magnitude of the resulting restatements, despite the limited cash flow implications. And, tellingly, the losses are attenuated when tainted management of less successful firms is more likely to be replaced and relatively many firms become takeover targets.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 47, Issues 1â2, March 2009, Pages 2-26
Journal: Journal of Accounting and Economics - Volume 47, Issues 1â2, March 2009, Pages 2-26
نویسندگان
Gennaro Bernile, Gregg A. Jarrell,