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Stock Repurchases, Stock Options, and Earnings Management:An Empirical Analysis of US Firms

Asia Pacific Management Review, 2009-09, Vol.14 (3), p.349-362 [Peer Reviewed Journal]

Copyright National Cheng Kung University, College of Management Sep 2009 ;ISSN: 1029-3132 ;EISSN: 2589-8213

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  • Title:
    Stock Repurchases, Stock Options, and Earnings Management:An Empirical Analysis of US Firms
  • Author: Lin, Yi-mien ; Chen, Yu-cheng ; Chang, Ruey-jane ; You, Shwu-jen
  • Subjects: Capital structure ; Cash flow ; Dividends ; Earnings management ; Earnings per share ; Incentives ; managerial stock options ; Mid cap investments ; Scopus ; Securities buybacks ; Small cap investments ; Stock options ; Stock repurchases ; Stockholders ; TSSCI
  • Is Part Of: Asia Pacific Management Review, 2009-09, Vol.14 (3), p.349-362
  • Description: This paper examines the relationship between open market repurchases, stock options, and earnings management. Using a sample of firms in the S＆P 500, S＆P Midcap 400 and S＆P Smallcap 600 indices during 1998-2004, we find that, after controlling for the traditional motives, managerial stock options affect positively the magnitude of actual repurchases. In addition, while both managerial options exercisable and unexercisable have a positive effect on actual repurchases, exercisable options have a larger effect than unexercisable options. We also find managers use stock repurchases as a substitute device for discretionary accounting accruals in their earnings management behavior. The evidence further shows that managerial stock options, especially managerial options exercisable, are positively associated with the magnitude of earnings management.
  • Publisher: 台灣: 國立成功大學企業管理學院
  • Language: Chinese;English
  • Identifier: ISSN: 1029-3132
    EISSN: 2589-8213
  • Source: ProQuest Central
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