Discussion of "are executive stock options associated with future earnings?"

被引：33

作者：

Larcker, DF ^{[1
]}

机构：

[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2003年 / 36卷 / 1-3期

关键词：

stock options; econometric methods;

D O I：

10.1016/j.jacceco.2003.10.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Hanlon, Rajgopal, and Shevlin conclude that grant of stock options to executives is associated with a positive impact on future operating performance. This discussion comment examines the impact of endogeneity, model structure, and the choice of a benchmark model on this conclusion. While some results indicate that there is a position relation between stock option grants and operating performance, alternative econometric approaches produce distinctly different results. (C) 2003 Elsevier B.V. All rights reserved.

引用

收藏

页码：91 / 103

页数：13

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