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| Author: | Egginton, D. Forker, J. Grout, P. |
| Title: | Executive and employee share options: taxation, dilution and disclosure |
| Journal: | Accounting and Business Research
1993 : VOL. 23:91A, p. 363-372 |
| Index terms: | TAXATION DISCLOSURE STOCK OPTIONS |
| Language: | eng |
| Abstract: | This paper develops a comparative analysis of the post-tax cost of options which indicates that purchase is likely to be the cheaper method, and goes on to show that statutory disclosure requirements are less demanding when options are satisfied by the purchase of existing shares. Many companies nevertheless continue to use schemes involving subscription to new shares. The implications of that paradox are examined, and effective ways of meeting the demands of institutional investors for improved governance and disclosure are considered. |
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