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The dates had been disclosed before, but only in mailed-in filings that no one ever looked at.To corporate America, the new rule was a minor hassle; to a first-year New York University finance professor named David Yermack, it was a new source of interesting data.Yermack figured that this wasn't just luck, and theorized that companies were timing their grants to precede good-news announcements and follow negative ones.His findings began making the rounds in 1995, sparked a flurry of interest among finance and accounting scholars, and were published in The Journal of Finance in 1997.
Executive options are usually granted "at the money" - i.e., if the stock is at , the CEO gets options to buy it for a share - so getting options on a bad day for the stock is good news for the recipient."This office will aggressively prosecute those who lie and engage in obstructive conduct to avoid the requirements of the Lead Hazard Reduction Act." The Lead Hazard Reduction Act requires landlords to give tenants warnings, which can be done by using a standard disclosure form, about actual and potential lead paint hazards present in the property, and an EPA pamphlet about how to minimize the dangers to children.The law also directs landlords to document their compliance with the law by keeping lead disclosure forms and tenant signatures on file.(Fortune Magazine) -- It is never really a shock to find executives enriching themselves at shareholders' expense.It can sometimes be surprising, though, just how clear the evidence is, and how long it takes us to notice.
This paper contrasts the post-tax returns of backdated at-the-money options to currently-dated in-the-money options (with the same strike price as the backdated options) and demonstrates that a Canadian executive can earn a significantly larger after-tax return from backdated options compared to a US executive.