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| Tekijä: | Ikäheimo, S. Kuosa, N. Puttonen, V. |
| Otsikko: | 'The true and fair view' of executive stock option valuation |
| Lehti: | European Accounting Review
2006 : VOL. 15:3, p. 351-366 |
| Asiasana: | accounting standards auditing standards executives stock options valuation |
| Kieli: | eng |
| Tiivistelmä: | This study compares the market values (here as: vals.) of executive stock option (ESO) trades with their Black & Scholes (1973) model vals. calculated following the major accounting standards SFAS No.123r and IFRS2. Major underpricing is shown compared to the traditional B & S method vals. which should be considered while applying SFAS No. 123r and IFRS2 for estimating fair vals. Especially time to expiration has a major influence on the undervaluation suggesting that the possibility of a corporate structure change lowers the cost of ESOs to shareholders. |
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