Is There a Link between Executive Equity Incentives and Accounting Fraud?
比较了1996-2003年间被SEC指控会计舞弊的公司与未指控公司的高管股权激励，发现无一致证据表明股权激励与舞弊相关，与政策制定者的观点相反。
We compare executive equity incentives of firms accused of accounting fraud by the Securities and Exchange Commission (SEC) during the period 1996–2003 with two samples of firms not accused of fraud. We measure equity incentives in a variety of ways and employ a battery of empirical tests. We find no consistent evidence that executive equity incentives are associated with fraud. These results stand in contrast to assertions by policy makers that incentives from stock‐based compensation and the resulting equity holdings increase the likelihood of accounting fraud.