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- March 2009
- Article
The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing
By: F. Ferri and Tatiana Sandino
We examine the economic consequences of more than 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004, the first case in which the SEC allowed a shareholder vote on an accounting matter. Our results... View Details
Keywords: Shareholder Activism; Shareholder Votes; Stock Option Expensing; Executive Compensation; Financial Reporting; Employee Stock Ownership Plan; Corporate Governance; Business and Shareholder Relations; Investment Activism
Ferri, F., and Tatiana Sandino. "The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing." Accounting Review 84, no. 2 (March 2009): 433–466.
- June 2014
- Case
Stock Options at Celia-Check
By: Brian Hall, Andrew Wasynczuk and Karen Huang
Describes issues facing three young founders of a high-tech start-up, including hiring an experienced CEO and negotiating with a potential VC investor. Focuses on the incentive and compensation aspects of negotiating with job candidates (e.g., what percentage of the... View Details
- 19 May 2003
- Research & Ideas
Expensing Options Won’t Hurt High Tech
(One cure for stock option abuse, say proponents, is to change accounting rules so that option grants are reflected in a company's principal financial statements. High-tech... View Details
- 06 Jan 2003
- Research & Ideas
Why Expensing Options Doesn’t Solve the Problem
It is fascinating to observe pundit after pundit come down strongly on the side of expensing stock options in the reported financial statements, as if that were the silver... View Details
Keywords: by William Sahlman
- March 2003
- Article
For the Last Time: Stock Options Are an Expense
By: Zvi Bodie, Robert S. Kaplan and Robert C. Merton
Bodie, Zvi, Robert S. Kaplan, and Robert C. Merton. "For the Last Time: Stock Options Are an Expense." Harvard Business Review 81, no. 3 (March 2003): 62–71. (HBS Reprint #R0303D.)
- September 1992 (Revised September 2010)
- Background Note
Executive Stock Options
By: Henry B. Reiling
After a brief comment on the practical problems associated with taxing options and the possible occasions on which taxation might occur, the note describes the current policy imbedded in the Internal Revenue Code and gives examples of this policy in operation. The... View Details
Reiling, Henry B. "Executive Stock Options." Harvard Business School Background Note 293-054, September 1992. (Revised September 2010.)
- December 2002
- Article
Expensing Options Solves Nothing
Sahlman, William A. "Expensing Options Solves Nothing." Harvard Business Review 80, no. 12 (December 2002): 90–96.
- October 2001 (Revised February 2007)
- Background Note
Accounting for Employee Stock Options
Employees who have been granted stock options have the right to purchase shares of their company's stock at a specified price within a specified time period. The accounting for such employee stock options has been a controversial and complex topic for decades. The... View Details
Bradshaw, Mark T. "Accounting for Employee Stock Options." Harvard Business School Background Note 102-039, October 2001. (Revised February 2007.)
- Article
A Proposal for Expensing Employee Compensatory Stock Options for Financial Reporting Purposes
By: Peter Hancock, Roberto G. Mendoza and Robert C. Merton
Hancock, Peter, Roberto G. Mendoza, and Robert C. Merton. "A Proposal for Expensing Employee Compensatory Stock Options for Financial Reporting Purposes." Journal of Applied Corporate Finance 17, no. 3 (Summer 2005): 95–101.
- 2007
- Working Paper
The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing
By: Fabrizio Ferri and Tatiana Sandino
In this paper we examine the economic consequences of over 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004–the first case where the SEC has allowed an accounting matter to be subject to an advisory... View Details
- December 2003
- Article
Expensing Stock Options: A Fair-Value Approach
By: Robert S. Kaplan and Krishna G. Palepu
Kaplan, Robert S., and Krishna G. Palepu. "Expensing Stock Options: A Fair-Value Approach." Harvard Business Review 81, no. 12 (December 2003).
- December 2001
- Exercise
Exercise on Employee Stock Option Dilution
By: Brian J. Hall
Discusses the effects of option dilution on stock prices and shareholder value. To simplify the example and isolate the complexity of option dilution, we make a number of simplifying assumptions. View Details
Keywords: Stocks; Price; Employee Stock Ownership Plan; Business and Shareholder Relations; Complexity; Value
Hall, Brian J. "Exercise on Employee Stock Option Dilution." Harvard Business School Exercise 902-162, December 2001.
- 2000
- Other Unpublished Work
Do Executive Stock Options Encourage Risk-Taking?
Executive stock options create incentives for executives to manage firms in ways that maximize firm market value. Since options increase in value with the volatility of the underlying stock, executive stock options provide managers with incentives to take actions that... View Details
Cohen, Randolph B., Brian J. Hall, and Luis M. Viceira. "Do Executive Stock Options Encourage Risk-Taking?" 2000.
- May 17, 2000
- Article
New Stock Option Rules
By: David F. Hawkins
Hawkins, David F. "New Stock Option Rules." Accounting Bulletin, no. 87 (May 17, 2000).
- 09 May 2000
- Research & Ideas
Stock Options Are Not All Created Equal
take into account such factors as the number of years until the option expires, prevailing interest rates, the volatility of the stock price, and the stock's dividend rate. Fixed value plans are popular... View Details
Keywords: by Brian Hall
- December 2000
- Case
Stock Options at Virtua.Net
By: Brian J. Hall, Noam T. Wasserman and Carleen Madigan
Describes issues facing three young founders of a high-tech start-up in Silicon Valley, including hiring an experienced CEO and negotiating with a potential VC investor. Focuses on the incentive and compensation aspects of negotiating with job candidates (e.g., what... View Details
Keywords: Venture Capital; Stock Options; Executive Compensation; Employee Stock Ownership Plan; Negotiation
Hall, Brian J., Noam T. Wasserman, and Carleen Madigan. "Stock Options at Virtua.Net." Harvard Business School Case 801-324, December 2000.
- October 2001 (Revised November 2005)
- Case
eBay, Inc.: Stock Option Plans (A)
The footnote disclosure for eBay, Inc. in 2000 indicates that if the company had accounted for employee stock options under the fair value method, its reported profit of $48 million would have been a loss of $91 million. The protagonist is a prospective member of the... View Details
Bradshaw, Mark T. "eBay, Inc.: Stock Option Plans (A)." Harvard Business School Case 102-038, October 2001. (Revised November 2005.)
- February 2002
- Article
Stock Options for Undiversified Executives
By: Brian J. Hall and Kevin J. Murphy
Hall, Brian J., and Kevin J. Murphy. "Stock Options for Undiversified Executives." Journal of Accounting & Economics 33, no. 1 (February 2002).