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| Author: | Heron, R.A. Lie, E. |
| Title: | Does backdating explain the stock price pattern around executive stock option grants? |
| Journal: | Journal of Financial Economics
2007 : FEB, VOL. 83:2, p. 271-295 |
| Index terms: | executives stock options USA |
| Language: | eng |
| Abstract: | Studies show that stock returns are abnormally negative before executive option grants (hereafter as: o-gs.) and abnormally positive afterward. It is found that this return pattern (as: r-p.) is much weaker since Aug. 29, 2002, when the Securities and Exchange Commission (SEC) requirement (as: req.) took effect. The SEC req. states that o-gs. must be reported within 2 business days. These findings are interpreted as evidence that most of the abnormal r-p. around o-gs. is attributable to backdating of o-gs. dates. |
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