Accounting for employee stock options: What can we learn from the market's perceptions?

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dc.contributor.author Bagna, E
dc.contributor.author Bini, M
dc.contributor.author Bird, R
dc.contributor.author Momente, F
dc.contributor.author Reggiani, F
dc.date.accessioned 2011-02-07T06:27:00Z
dc.date.issued 2010-01
dc.identifier.citation Journal of International Financial Management and ..., 2010, 21 (2), pp. 161 - 186
dc.identifier.issn 0954-1314
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/14029
dc.description.abstract The scope of this is paper is to provide new empirical evidence on the value relevance of employee stock options (ESOs) in Europe. We show, empirically, that the market participants when pricing a firm's equity place approximately the same valuation weights on the ESO-deferred compensation expense (the so called ESO asset) and the compensation option liability (the so called ESO liability). Our empirical findings support the theoretical work of Ohlson and Penman who suggest that the deferred compensation expense be treated as a contra-liability. The second contribution of our work rests on the nature of the ESO expense. We show that the distinction between persistent and non-persistent ESO expenses is of critical importance for the market participants. Accordingly, an improved accounting disclosure should assist the investors in assessing the long-term goals of the ESO plans at the firm level
dc.publisher Wiley-Blackwell
dc.relation.isbasedon 10.1111/j.1467-646X.2010.01039.x
dc.title Accounting for employee stock options: What can we learn from the market's perceptions?
dc.type Journal Article
dc.parent Journal of International Financial Management and ...
dc.journal.volume 2
dc.journal.volume 21
dc.journal.number 2 en_US
dc.publocation UK en_US
dc.identifier.startpage 161 en_US
dc.identifier.endpage 186 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 1501 Accounting, Auditing and Accountability
dc.personcode 981118
dc.personcode 997951
dc.percentage 100 en_US
dc.classification.name Accounting, Auditing and Accountability en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords en_US
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
pubs.organisational-group /University of Technology Sydney/Strength - Quantitative Finance
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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