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Backdating of Stock Options Business Economics in a Rapidly Changing World 1st Edition by Bernard Weinstein 160741984X 978-1607419846

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Backdating of Stock Options 1st Edition Bernard T. Weinstein Digital Instant Download

Author(s): Bernard T. Weinstein
ISBN(s): 9781613242100, 1613242107
Edition: 1
File Details: PDF, 1.15 MB
Year: 2009
Language: english
SKU: EB-51356446 Category: Tag:

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ISBN 10: 160741984X

ISBN 13: 978-1607419846

Author: Bernard T. Weinstein

This book highlights the issue of backdating of stock options and its ramifications. Employee stock options are contracts giving employees the right to buy the company’s common stock at a specified exercise price, at a specified time or during a specified period, and after a specified vesting period. The value of the option when granted lies in the prospect that the market price of the company’s stock will increase by the time the option is exercised (used to purchase stock). At the grant date for the options, rather than selecting an exercise price based on the lower market price; that is, they backdated stock options to an earlier grant date. If this backdating occurred without public disclosure, the recipient of the stock options received increased compensation in violation of Securities and Exchange Commission (SEC) regulations, generally accepted accounting rules, and tax laws. Some backdating is said to involve ‘sloppiness’, not fraud. The backdating of stock options has imposed costs on shareholders, employees, bondholders and taxpayers. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

Backdating of Stock Options Business Economics in a Rapidly Changing World 1st Table of contents:

Chapter 1: Stock Options – The Backdating Issues
Summary
Introduction
Illustration of Undisclosed Backdating
Types of Stock Options
Nonqualified Stock Options
Qualified Stock Options
Growth of Stock Options in the 1990s
The Omnibus Budget Reconciliation Act of 1993
Higher Marginal Individual Income Tax Rates
“Excessive Remuneration” – Section 162(m)
The Stock Market Boom of the 1990s
Cost Accounting Rules for Certain Stock Options
The Extent of Timing Manipulation of Options
The Potential Costs of Backdating
Costs to Shareholders
Costs from Earnings Hits
Costs of Reduced Executive Performance
Costs from Delistings
Costs from the Actions of Bondholders
Costs of Additional Taxes
Costs of Probes, Fines, and Lawsuits
Employees
Bondholders
Taxpayers
Key Legislative and Regulatory Developments
Sarbanes-Oxley Act: Stock Option Disclosure Reforms
SEC’s 2003 Requirement of Approval of Compensation Plans
American Jobs Creation Act of 2004 (Section 409A)
FASB Rule for Expensing Stock Options
SEC’s 2006 Executive Compensation Disclosure Rules
Gatekeepers
Corporate Boards and Compensation Committees
Outside Auditors
Securities and Exchange Commission
Late Filings
The Question of the SEC’s Alertness to Misconduct
Potential Policy Options
Improve Enforcement of Timely Filing of Option Awards
Require Same Day Filing of Option Grants
Require Scheduling of Grants of Executive Stock Options
Ban Equity-Based Pay for Top Attorneys and Board Members
Increase Shareholder Roles in the Election of Board Members
Eliminate the Cap on Deduction for Executive Pay

Appendices
Appendix A: Other Forms of Timing Manipulation
Appendix B: Qualified Stock Options
Incentive Stock Options
Employee Stock Purchase Plans
Appendix C: Literature About Backdating
Academic Studies
Erik Lie
Heron and Lie (Article)
Heron and Lie (Working Paper)
Narayanan and Seyhum
Narayanan, Schipani, and Seyhun
Bebchuk, Grinstein, and Peyer (Lucky CEOs)
Bebchuk, Grinstein, and Peyer (Lucky Directors)
Bernile, Jarrell, and Mulcahey
Wall Street Journal Articles
Appendix D: Literature About Other Types of Timing Manipulation
Yermack (Spring-Loading)
Chauvin and Shenoy (Manipulation of Information Flow)
Aboody and Kasznik (Manipulation of Information Flow)
Callaghan, Saly, and Subramaniam (Timing of Repricing)

Chapter 2: Options Backdating – The Enforcement Perspective
End Notes

Chapter 3: Stock Options Backdating Hearing – Cox Testimony

Chapter 4: Stock Options Backdating Hearing – Lie Testimony
Background on Stock Options and Stock Option Grants
Research on Option Grant Timing
Is Option Grant Timing Illegal?
Conclusion

Chapter 5: Stock Options Backdating Hearing – Olson Testimony
Stock Option Granting Practices and Accounting Concerns
Employee Stock Options as a Compensation Tool
Regulatory Changes and Their Impact
PCAOB’s Guidance to Auditors on Stock Option Granting Practices
End Notes

Chapter 6: Stock Options Backdating Hearing – Read Testimony

Chapter 7: Stock Options Backdating Hearing – Schact Testimony
Introduction
The CFA Centre Perspective on Options Backdating
Accounting and Auditing Practices – What Happened?
Lingering Concerns
Conclusion

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