The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives

2013 ◽  
Author(s):  
Steve Hegemann ◽  
Iuliana Ismailescu
Keyword(s):  
Stock Repurchases ◽  
Empirical Examination ◽  
Management Incentives

The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives

2017 ◽  
Vol 20 (02) ◽  
pp. 1750012 ◽  
Author(s):  
Steven Hegemann ◽  
Iuliana Ismailescu
Keyword(s):  
Stock Options ◽  
Stock Option ◽  
Stock Repurchases ◽  
Share Repurchases ◽  
Employee Stock Options ◽  
Empirical Examination ◽  
Negative Relation ◽  
Management Incentives ◽  
Reported Income

This study examines management’s response to the change in accounting for stock option-based compensation imposed by SFAS No. 123R, whose implementation is expected to reduce reported income. To cope with this impact, management may be motivated to decrease the use of stock options as part of compensating employees and engage in stock repurchases in an attempt to increase the value of outstanding employee stock options. Our findings demonstrate a significant negative relation between stock options granted and shares repurchased in the aftermath of SFAS No. 123R, particularly for the S&P 500 firms known for their heavy use of employee stock options. Furthermore, evidence of a contemporaneous increase in repurchases and leverage in the post SFAS 123R period may suggest that some of the buybacks may have been funded with debt. Our findings are robust to the inclusion of traditional determinants of share repurchases.

An empirical examination of the relation between debt contracts and management incentives

1999 ◽  
Vol 27 (2) ◽  
pp. 229-259 ◽  
Author(s):  
Joy Begley ◽  
Gerald A. Feltham
Keyword(s):  
Debt Contracts ◽  
Empirical Examination ◽  
Management Incentives

Stock Repurchases and Excess Returns: An Empirical Examination

1990 ◽  
Vol 25 (1) ◽  
pp. 127-142 ◽  
Author(s):  
William Pugh ◽  
John S. Jahera
Keyword(s):  
Stock Repurchases ◽  
Excess Returns ◽  
Empirical Examination

Psychometric Definition of Rorschach Determinant Component Structure

1998 ◽  
Vol 14 (2) ◽  
pp. 116-123 ◽  
Author(s):  
Raymond M. Costello
Keyword(s):  
Lower Order ◽  
Three Dimensions ◽  
Comprehensive System ◽  
Empirical Examination ◽  
Component Structure ◽  
Exner's Comprehensive System ◽  
Factor Analytic ◽  
Confirmatory Factor ◽  
Components Analysis ◽  
Definition Of

This is an empirical examination of Experienced Stimulation (es) and Experience Actual (EA) from Exner's Comprehensive System (CS) for Rorschach's Test, spurred by Kleiger's theoretical critique. Principal components analysis, Cronbach's α, and inter-item correlational analyses were used to test whether 13 determinants used to code Rorschach responses (M, FM, m, CF+C, YF+Y, C'F+C', TF+T, VF+V, FC, FC', FV, FY, FT) are best represented as a one, two, or more-dimensional construct. The 13 determinants appear to reflect three dimensions, a “lower order” sensori-motor dimension (m + CF+C + YF+Y + C'F+C' + TF+T + VF+V) with a suggested label of Modified Experienced Stimulation (MES), a “higher order” sensori-motor dimension (FM + FV + FY + FT) with a suggested label of Modified Experience Potential (MEP), and a third sensori-motor dimension (M+FC+FC') for which the label of Modified Experience Actual (MEA) is suggested. These findings are consistent with Kleiger's arguments and could lead to a refinement of CS constructs by aggregating determinants along lines more theoretically congruous and more internally consistent. A RAMONA model with parameters specified was presented for replication attempts which use confirmatory factor analytic techniques.

A streetcar named derousal? An empirical examination of the desire-arousal distinction

2012 ◽  
Author(s):  
Sabina Sarin ◽  
Yitzchak M. Binik
Keyword(s):  
Empirical Examination

An empirical examination of a model of authentic leadership

2009 ◽  
Author(s):  
Xiafang Chen ◽  
Juliet Aiken ◽  
Paul J. Hanges
Keyword(s):  
Authentic Leadership ◽  
Empirical Examination

Legal Nature of Stock Repurchases - Supreme Court Decision 2019. 6. 27. 2016Du49525 -

2019 ◽  
Vol 34 ◽  
pp. 41-62
Author(s):  
Kun Young Chang
Keyword(s):  
Supreme Court ◽  
Supreme Court Decision ◽  
Court Decision ◽  
Stock Repurchases ◽  
Legal Nature
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