The HLS Program on Corporate Governance recently released a study by Professor Lucian Bebchuk and co-authors Yaniv Grinsten and Urs Peyer, which examined the use of stock option backdating.
The discovery of backdated grants, currently the subject of intensive SEC investigations, has led to the forced resignation of many corporate executives and directors.
The study investigates the causes and consequences of option backdating during 1996-2005, and focuses on "lucky" grants, which the study defines as grants awarded at the lowest price of the grant month.
See full Article.
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