Economic Consequences of Accounting for Stock-Based Compensation
研究FASB关于员工股票薪酬的会计准则变更可能带来的经济后果，通过分析反对草案的公司特征、使用股票期权的公司特征以及股价对新规公告的反应，评估了这些后果的性质和程度。
The Financial Accounting Standards Board's (FASB) project on employee stock-based compensation was one of the most controversial in the Board's 20-year history. In particular, the Board's 1993 Exposure Draft proposing the recognition of an expense for employee stock options generated predictions of dire economic consequences and prompted the threat of regulatory intervention from Congress and the White House. This study employs three complementary research approaches to evaluate the nature and extent of the predicted economic consequences. First, we examine the characteristics of firms lobbying against the 1993 Exposure Draft (FASB [1993]). Second, we examine the characteristics of firms using employee stock options under the original financial reporting rules. Finally, we examine stock price reactions to announcements concerning the new financial reporting rules.