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

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dc.contributor.author Bagna, Emmanuel en_US
dc.contributor.author Bini, Mauro en_US
dc.contributor.author Momente, Francesco en_US
dc.contributor.author Reggiani, Francesco en_US
dc.contributor.author Bird, Ron en_US
dc.contributor.editor en_US
dc.date.accessioned 2011-02-07T06:27:00Z
dc.date.available 2011-02-07T06:27:00Z
dc.date.issued 2010 en_US
dc.identifier 2009005347 en_US
dc.identifier.citation Bagna Emmanuel et al. 2010, 'Accounting for employee stock options: What can we learn from the market's perceptions?', Wiley-Blackwell, vol. 21, no. 2, pp. 161-186. en_US
dc.identifier.issn 0954-1314 en_US
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 en_US
dc.language en_US
dc.publisher Wiley-Blackwell en_US
dc.relation.isbasedon http://dx.doi.org/10.1111/j.1467-646X.2010.01039.x en_US
dc.title Accounting for employee stock options: What can we learn from the market's perceptions? en_US
dc.parent Journal of International Financial Management and ... en_US
dc.journal.volume 21 en_US
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 150100 en_US
dc.personcode 0000062314 en_US
dc.personcode 0000062315 en_US
dc.personcode 981118 en_US
dc.personcode 0000034923 en_US
dc.personcode 997951 en_US
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
dc.staffid 997951 en_US


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