The Valuation Differences Between Stock Option and Restricted Stock Grants for US Firms
: In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate...
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| Published in | Journal of business finance & accounting Vol. 38; no. 3-4; pp. 395 - 412 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Oxford, UK
Blackwell Publishing Ltd
01.04.2011
Wiley Blackwell |
| Series | Journal of Business Finance & Accounting |
| Subjects | |
| Online Access | Get full text |
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| Abstract | : In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate cross‐sectional valuation equations that include the value of stock option and restricted stock grants summed over the current and past two years, residual income, and book value of equity, after controlling for endogeneity. Consistent with prior research, our findings indicate that the market on average values stock option grants positively. However, in contrast to stock option grants, restricted stock grants are valued negatively. This result is consistent with restricted stock grants lacking the positive incentive effects of stock options and being viewed as a liability or expense to the firm. |
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| AbstractList | In this study, we document a significant shift over the past several years from stock option-based compensation to restricted stock-based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate cross-sectional valuation equations that include the value of stock option and restricted stock grants summed over the current and past two years, residual income, and book value of equity, after controlling for endogeneity. Consistent with prior research, our findings indicate that the market on average values stock option grants positively. However, in contrast to stock option grants, restricted stock grants are valued negatively. This result is consistent with restricted stock grants lacking the positive incentive effects of stock options and being viewed as a liability or expense to the firm. Reprinted by permission of Blackwell Publishers In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate cross‐sectional valuation equations that include the value of stock option and restricted stock grants summed over the current and past two years, residual income, and book value of equity, after controlling for endogeneity. Consistent with prior research, our findings indicate that the market on average values stock option grants positively. However, in contrast to stock option grants, restricted stock grants are valued negatively. This result is consistent with restricted stock grants lacking the positive incentive effects of stock options and being viewed as a liability or expense to the firm. In this study, we document a significant shift over the past several years from stock option-based compensation to restricted stock-based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate cross-sectional valuation equations that include the value of stock option and restricted stock grants summed over the current and past two years, residual income, and book value of equity, after controlling for endogeneity. Consistent with prior research, our findings indicate that the market on average values stock option grants positively. However, in contrast to stock option grants, restricted stock grants are valued negatively. This result is consistent with restricted stock grants lacking the positive incentive effects of stock options and being viewed as a liability or expense to the firm. [PUBLICATION ABSTRACT] : In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation. Additionally, we evaluate whether stock option grants and restricted stock grants result in similar valuation consequences for firms. We estimate cross‐sectional valuation equations that include the value of stock option and restricted stock grants summed over the current and past two years, residual income, and book value of equity, after controlling for endogeneity. Consistent with prior research, our findings indicate that the market on average values stock option grants positively. However, in contrast to stock option grants, restricted stock grants are valued negatively. This result is consistent with restricted stock grants lacking the positive incentive effects of stock options and being viewed as a liability or expense to the firm. |
| Author | Lindsey, Bradley P. Landsman, Wayne R. Irving, James H. |
| Author_xml | – sequence: 1 givenname: James H. surname: Irving fullname: Irving, James H. organization: The first and third authors are from the College of William and Mary. The second author is from the University of North Carolina at Chapel Hill. The authors thank participants at the 2010 JBFA Conference for valuable comments and suggestions. Special thanks to the editors - Peter Pope, Andy Stark and Martin Walker - for detailed comments that helped to improve the paper. The authors are grateful to Jack Ciesielski of R.G. Associates, Inc., for providing the stock option and restricted stock grant data used in this study. Professor Landsman acknowledges funding from the Center for Finance and Accounting Research at UNC-Chapel Hill and Professors Irving and Lindsey acknowledge funding provided by the Mason School of Business at the College of William and Mary. (Paper received March 2010, revised version accepted December 2010) – sequence: 2 givenname: Wayne R. surname: Landsman fullname: Landsman, Wayne R. organization: The first and third authors are from the College of William and Mary. The second author is from the University of North Carolina at Chapel Hill. The authors thank participants at the 2010 JBFA Conference for valuable comments and suggestions. Special thanks to the editors - Peter Pope, Andy Stark and Martin Walker - for detailed comments that helped to improve the paper. The authors are grateful to Jack Ciesielski of R.G. Associates, Inc., for providing the stock option and restricted stock grant data used in this study. Professor Landsman acknowledges funding from the Center for Finance and Accounting Research at UNC-Chapel Hill and Professors Irving and Lindsey acknowledge funding provided by the Mason School of Business at the College of William and Mary. (Paper received March 2010, revised version accepted December 2010) – sequence: 3 givenname: Bradley P. surname: Lindsey fullname: Lindsey, Bradley P. email: bradley.lindsey@mason.wm.edu organization: The first and third authors are from the College of William and Mary. The second author is from the University of North Carolina at Chapel Hill. The authors thank participants at the 2010 JBFA Conference for valuable comments and suggestions. Special thanks to the editors - Peter Pope, Andy Stark and Martin Walker - for detailed comments that helped to improve the paper. The authors are grateful to Jack Ciesielski of R.G. Associates, Inc., for providing the stock option and restricted stock grant data used in this study. Professor Landsman acknowledges funding from the Center for Finance and Accounting Research at UNC-Chapel Hill and Professors Irving and Lindsey acknowledge funding provided by the Mason School of Business at the College of William and Mary. (Paper received March 2010, revised version accepted December 2010) |
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| Snippet | : In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation.... In this study, we document a significant shift over the past several years from stock option‐based compensation to restricted stock‐based compensation.... In this study, we document a significant shift over the past several years from stock option-based compensation to restricted stock-based compensation.... |
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| SubjectTerms | Book value Compensation Endogeneity Enterprises Financial research Firm value Options on stocks Restricted stock Securities markets stock compensation Stock options Stocks Studies U.S.A Valuation Valuation methods |
| Title | The Valuation Differences Between Stock Option and Restricted Stock Grants for US Firms |
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