کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5089035 | 1478333 | 2014 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The economic consequences of regulatory changes in employee stock options on corporate bond holders: SFAS No.123R and structural credit model perspectives
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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![عکس صفحه اول مقاله: The economic consequences of regulatory changes in employee stock options on corporate bond holders: SFAS No.123R and structural credit model perspectives The economic consequences of regulatory changes in employee stock options on corporate bond holders: SFAS No.123R and structural credit model perspectives](/preview/png/5089035.png)
چکیده انگلیسی
Based upon structural credit models, we investigate the changes of the effects of employee stock options (ESOs) on bond yield spreads due to the revision of SFAS No. 123R (No.123R) which requires expensing ESO amounts. Using American bond observations from year 1995 to 2007, we find that the revision decreases the information benefits of ESOs disclosure. When controlling for credit ratings and potential endogeneity problems, we also find that ESOs are significantly and positively related to bond yield spreads in post-No.123R period while have an opposite effect in pre-No.123R period. We conclude that information effect mainly drives the ESO's effects on credit risk in both pre- and post-No.123R periods.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 42, May 2014, Pages 381-394
Journal: Journal of Banking & Finance - Volume 42, May 2014, Pages 381-394
نویسندگان
Tsung-Kang Chen, Hsien-Hsing Liao, Cheng-Ming Chi,