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Tekijä:Bagna, E. (et al.)
Otsikko:Accounting for employee stock options: What can we learn from the market's perceptions?
Lehti:Journal of international financial management & accounting
2010 : SUMMER, VOL. 21:2, p. 161-186
stock options
Tiivistelmä:This paper aims at providing new empirical evidence on the value relevance of employee stock options (ESOs) in Europe. It is empirically shown that the market participants (henceforth as: m-prtsps.) when pricing a firm's equity place about the same valuation weights on the ESO-deferred compensation (as: comp.) expense (or "ESO asset") and the comp. option liability (or "ESO liability"). The theoretical work by Ohlson and Penman is supported, suggesting that the deferred comp. expense be treated as a contra-liability. As to the nature of the ESO expense, it is shown that the distinction btw. persistent and non-persistent ESO expenses is for the m-prtsps. very important.
SCIMA tietueen numero: 269575
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