Pub Date : 2005-09-01DOI: 10.1142/S0219868105000422
P. Boyle, Weidong Tian
Executive stock options are an important component of executive compensation and the topic is of interest to both practitioners and academics. The vigorous debate on whether these options should be treated as an expense is subsiding but discussion continues on how these instruments should be valued in order to expense them. In this paper, executive stock options are viewed as contingent claims on a firm's assets and we formalize this through the concept of an augmented balance sheet. This means that the total market value of the firm's assets is equal to the market value of its traded securities plus the market value of its stock options. This approach leads to two valuation formulae for these options: one in terms of the firm's stock price and the other in terms of firm value. We explore the connections between these two approaches and derive explicit valuation formulae under certain assumptions.
{"title":"EXECUTIVE STOCK OPTIONS: A FIRM VALUE APPROACH","authors":"P. Boyle, Weidong Tian","doi":"10.1142/S0219868105000422","DOIUrl":"https://doi.org/10.1142/S0219868105000422","url":null,"abstract":"Executive stock options are an important component of executive compensation and the topic is of interest to both practitioners and academics. The vigorous debate on whether these options should be treated as an expense is subsiding but discussion continues on how these instruments should be valued in order to expense them. In this paper, executive stock options are viewed as contingent claims on a firm's assets and we formalize this through the concept of an augmented balance sheet. This means that the total market value of the firm's assets is equal to the market value of its traded securities plus the market value of its stock options. This approach leads to two valuation formulae for these options: one in terms of the firm's stock price and the other in terms of firm value. We explore the connections between these two approaches and derive explicit valuation formulae under certain assumptions.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125651991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000392
D. Chance, Tung-Hsiao Yang
Options are among the most important forms of compensation and incentive structuring. Standard option pricing theory provides guidelines but not a conclusive prescription of how to value executive stock options. Academic research on this subject has gone in several related but distinct directions. This paper examines one thread of this research stream: binomial models based on expected utility. We start by illustrating the procedures for estimating executive option values using expected utility analysis in a binomial framework. Using a common set of inputs based on empirical data, we compare option values and company costs based on differences in inputs and assumptions. Our findings identify variables that are important and others with relatively minor impact. We also examine the effect of dividends on executive stock options values, a topic that has been largely ignored to date. We present the argument for why the economic cost of an option equals its economic value, which contrasts with standard accounting procedures. This conflict between economics and accounting, while not new, can explain why corporations are so uncomfortable with new accounting rules for expensing executive stock options.
{"title":"THE UTILITY-BASED VALUATION AND COST OF EXECUTIVE STOCK OPTIONS IN A BINOMIAL FRAMEWORK: ISSUES AND METHODOLOGIES","authors":"D. Chance, Tung-Hsiao Yang","doi":"10.1142/S0219868105000392","DOIUrl":"https://doi.org/10.1142/S0219868105000392","url":null,"abstract":"Options are among the most important forms of compensation and incentive structuring. Standard option pricing theory provides guidelines but not a conclusive prescription of how to value executive stock options. Academic research on this subject has gone in several related but distinct directions. This paper examines one thread of this research stream: binomial models based on expected utility. We start by illustrating the procedures for estimating executive option values using expected utility analysis in a binomial framework. Using a common set of inputs based on empirical data, we compare option values and company costs based on differences in inputs and assumptions. Our findings identify variables that are important and others with relatively minor impact. We also examine the effect of dividends on executive stock options values, a topic that has been largely ignored to date. We present the argument for why the economic cost of an option equals its economic value, which contrasts with standard accounting procedures. This conflict between economics and accounting, while not new, can explain why corporations are so uncomfortable with new accounting rules for expensing executive stock options.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127863338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000409
Bridget Gandy, R. Merritt, Mark Oline, Joseph St. Denis, W. Mann
Fitch Ratings has completed its first study of derivatives accounting and disclosure among corporate entities, excluding financial institutions. Derivatives have become an integral part of the risk management framework for major corporate issuers of debt, allowing active management of interest rate, foreign exchange, commodity price, and equity exposures. Moreover, the growing use of derivatives coincides with rapid developments in the derivatives market, including the availability of a broader range of derivative products. Fitch surveyed 57 global corporations to assess the types of derivatives used, accounting and financial reporting implications, and disclosure quality. This survey was intended to generate representative data only and is not necessarily reflective of the market as a whole. The paper presents the key findings and other important industry issues.
{"title":"HEDGE ACCOUNTING AND DERIVATIVES STUDY FOR CORPORATES DISCLOSURE, HEDGE ACCOUNTING, AND RESTATEMENT RISK","authors":"Bridget Gandy, R. Merritt, Mark Oline, Joseph St. Denis, W. Mann","doi":"10.1142/S0219868105000409","DOIUrl":"https://doi.org/10.1142/S0219868105000409","url":null,"abstract":"Fitch Ratings has completed its first study of derivatives accounting and disclosure among corporate entities, excluding financial institutions. Derivatives have become an integral part of the risk management framework for major corporate issuers of debt, allowing active management of interest rate, foreign exchange, commodity price, and equity exposures. Moreover, the growing use of derivatives coincides with rapid developments in the derivatives market, including the availability of a broader range of derivative products. Fitch surveyed 57 global corporations to assess the types of derivatives used, accounting and financial reporting implications, and disclosure quality. This survey was intended to generate representative data only and is not necessarily reflective of the market as a whole. The paper presents the key findings and other important industry issues.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115319313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000410
Susan S. Hamlen, James A. Largay
This paper evaluates the disclosures about derivative financial instruments provided by the 30 high-profile companies tracked in the Dow-Jones Industrial Average (DJIA-30). We discuss investors' needs for information on financial risk, document how the DJIA-30 implemented the requirements of FASB Statement No. 133, "Accounting for Derivatives and Hedging Activities" (SFAS 133), analyze the usefulness of SFAS 133 requirements, and comment on recent controversies over derivatives reporting. We also examine how the DJIA-30 complied with the SEC requirements for qualitative and quantitative information about the market risks attributed to their derivatives positions, and the impact of SFAS 133 adoption on these disclosures. We find the DJIA-30 generally increased their derivatives' disclosures after adopting SFAS 133, consistent with its requirements. However, the disclosures are not as informative as one might expect, given SFAS 133's detailed requirements. Many companies now omit the previously required table of notional amounts, making it more difficult to assess their exposure to financial risk. Moreover, SEC requirements allow three formats for reporting quantitative information, only one of which is the tabular approach that helps users understand exposure. Because few companies use the tabular approach, disappearance of notional amounts is more serious. Generally small in recognized financial effects, derivatives and hedging activities are combined with other items in the financial statements, thereby complicating analyses of their impact. Footnote disclosures isolating derivatives performance tend to be incomplete and disconnected. Finally, we find that required 12-month forecasts of unrealized derivatives gains and losses reclassified from accumulated other comprehensive income to earnings miss the mark by a wide margin, rendering them unreliable in forecasting future earnings effects.
{"title":"HAS SFAS 133 MADE DERIVATIVES REPORTING MORE TRANSPARENT? A LOOK AT THE DOW-JONES 30","authors":"Susan S. Hamlen, James A. Largay","doi":"10.1142/S0219868105000410","DOIUrl":"https://doi.org/10.1142/S0219868105000410","url":null,"abstract":"This paper evaluates the disclosures about derivative financial instruments provided by the 30 high-profile companies tracked in the Dow-Jones Industrial Average (DJIA-30). We discuss investors' needs for information on financial risk, document how the DJIA-30 implemented the requirements of FASB Statement No. 133, \"Accounting for Derivatives and Hedging Activities\" (SFAS 133), analyze the usefulness of SFAS 133 requirements, and comment on recent controversies over derivatives reporting. We also examine how the DJIA-30 complied with the SEC requirements for qualitative and quantitative information about the market risks attributed to their derivatives positions, and the impact of SFAS 133 adoption on these disclosures. We find the DJIA-30 generally increased their derivatives' disclosures after adopting SFAS 133, consistent with its requirements. However, the disclosures are not as informative as one might expect, given SFAS 133's detailed requirements. Many companies now omit the previously required table of notional amounts, making it more difficult to assess their exposure to financial risk. Moreover, SEC requirements allow three formats for reporting quantitative information, only one of which is the tabular approach that helps users understand exposure. Because few companies use the tabular approach, disappearance of notional amounts is more serious. Generally small in recognized financial effects, derivatives and hedging activities are combined with other items in the financial statements, thereby complicating analyses of their impact. Footnote disclosures isolating derivatives performance tend to be incomplete and disconnected. Finally, we find that required 12-month forecasts of unrealized derivatives gains and losses reclassified from accumulated other comprehensive income to earnings miss the mark by a wide margin, rendering them unreliable in forecasting future earnings effects.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"66 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132502032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000458
Junning Cai
Whether employee stock options should be expensed at the grant date has been a highly controversial accounting issue. While the existing literature draws pro-expensing conclusions based on accounting principles and analogies, we shed new light to the issue by examine three functions of option granting in an analytical model. In principle, we show that while expensing is justified for financing options granted for expense postponement, it would misrepresent incentive options granted for long-term performance improvement. In practice, we show that options' fair value or the cost of granting them may not be the right amount to expense, and the inherent risk-sharing function of employee stock options poses a fundamental difficulty in estimating their fair value based on option pricing models. In conclusion, the findings of our examination do not support mandatory option expensing.
{"title":"ACCOUNTING FOR EMPLOYEE STOCK OPTIONS AND MANDATORY EXPENSING: AN ECONOMICS PERSPECTIVE","authors":"Junning Cai","doi":"10.1142/S0219868105000458","DOIUrl":"https://doi.org/10.1142/S0219868105000458","url":null,"abstract":"Whether employee stock options should be expensed at the grant date has been a highly controversial accounting issue. While the existing literature draws pro-expensing conclusions based on accounting principles and analogies, we shed new light to the issue by examine three functions of option granting in an analytical model. In principle, we show that while expensing is justified for financing options granted for expense postponement, it would misrepresent incentive options granted for long-term performance improvement. In practice, we show that options' fair value or the cost of granting them may not be the right amount to expense, and the inherent risk-sharing function of employee stock options poses a fundamental difficulty in estimating their fair value based on option pricing models. In conclusion, the findings of our examination do not support mandatory option expensing.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124497646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000434
Kyriacos Kyriacou, Bryan Mase
This paper investigates the predictive ability of executives’ stock option exercises by categorising all exercises by the overall value of the transaction. This measure incorporates the cost to the executive of exercising the option, together with the income generated by the associated sale of stock at the time of exercise. As a result, we show that, in contrast to the existing literature, executive stock option exercises do have predictive ability for future stock returns. This is, however, limited to transactions that generate net revenue for the executive, a finding that is the reverse of the evidence relating to standard executive transactions.
{"title":"Executive Stock Option Exercises and the Predictive Ability of Transaction Value","authors":"Kyriacos Kyriacou, Bryan Mase","doi":"10.1142/S0219868105000434","DOIUrl":"https://doi.org/10.1142/S0219868105000434","url":null,"abstract":"This paper investigates the predictive ability of executives’ stock option exercises by categorising all exercises by the overall value of the transaction. This measure incorporates the cost to the executive of exercising the option, together with the income generated by the associated sale of stock at the time of exercise. As a result, we show that, in contrast to the existing literature, executive stock option exercises do have predictive ability for future stock returns. This is, however, limited to transactions that generate net revenue for the executive, a finding that is the reverse of the evidence relating to standard executive transactions.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115881406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-09-01DOI: 10.1142/S0219868105000380
Michael R. Powers, David M. Schizer, M. Shubik
In one-period competitive equilibrium with risk-neutral traders, no discounting of money, and perfect information, the actual value of the marginal tax rate on capital gains from either "long" or "short" asset positions has no direct impact on market price. This is because the government shares in a trader's net losses to the same extent that it shares in the same trader's net gains, with exactly offsetting effects on the trader's expected utility. However, similar results do not necessarily hold for markets in which (1) money is discounted, and/or (2) individual traders possess private information about the intrinsic value of the asset's price. In this article, we study the effects of tax-rate changes on asset price in several one-period markets with different assumptions regarding discounting and private information. To investigate the interactions of these two effects as they apply to taxes on long-term capital gains, we construct a multi-period Markov chain to capture the behavior of traders with long or short positions in a market with both discounting and (randomly injected) private information. This model shows that, in equilibrium, an increase in the marginal tax rate on long-term capital gains from either long or short positions tends to dampen market price, with a greater impact in the case of capital gains from short positions.
{"title":"HOW TAXES AFFECT MARKET PRICE: THE \"LONGS AND SHORTS\" OF DISCOUNTING AND INFORMATION","authors":"Michael R. Powers, David M. Schizer, M. Shubik","doi":"10.1142/S0219868105000380","DOIUrl":"https://doi.org/10.1142/S0219868105000380","url":null,"abstract":"In one-period competitive equilibrium with risk-neutral traders, no discounting of money, and perfect information, the actual value of the marginal tax rate on capital gains from either \"long\" or \"short\" asset positions has no direct impact on market price. This is because the government shares in a trader's net losses to the same extent that it shares in the same trader's net gains, with exactly offsetting effects on the trader's expected utility. However, similar results do not necessarily hold for markets in which (1) money is discounted, and/or (2) individual traders possess private information about the intrinsic value of the asset's price. In this article, we study the effects of tax-rate changes on asset price in several one-period markets with different assumptions regarding discounting and private information. To investigate the interactions of these two effects as they apply to taxes on long-term capital gains, we construct a multi-period Markov chain to capture the behavior of traders with long or short positions in a market with both discounting and (randomly injected) private information. This model shows that, in equilibrium, an increase in the marginal tax rate on long-term capital gains from either long or short positions tends to dampen market price, with a greater impact in the case of capital gains from short positions.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122250091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-03-01DOI: 10.1142/S0219868105000379
M. Mbemap
{"title":"Book Review: \"Derivatives Accounting and Risk Management: Key Concepts and the Impact of IAS 39\", Edited by Hyun Song Shin","authors":"M. Mbemap","doi":"10.1142/S0219868105000379","DOIUrl":"https://doi.org/10.1142/S0219868105000379","url":null,"abstract":"","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131821962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Managers use derivatives to reduce cash flow volatility and achieve earnings smoothing. In 1998, FASB issued SFAS No. 133, under which firms are no longer allowed to simultaneously record all offsetting gains and losses on the items being hedged. Thus, critics argued that this treatment could potentially induce volatility in earnings. The critics also argued that SFAS No.133 would deter the use of derivatives. Consequently, cash flows were expected to become more volatile, which would also lead to increased volatility in earnings. Based on a sample of Fortune 500 firms, the current study documents that: (1) derivative usage did not significantly decline following the implementation of SFAS No. 133, and (2) derivative users' cash flow volatility did not increase. Although derivative users' earnings volatility did increase during the period 1997 to 2002, the evidence suggests that this increase may have been caused by factors other than SFAS No. 133.
{"title":"Empirical Analysis of Effects of SFAS No. 133 on Derivative Use and Earnings Smoothing","authors":"Wei Li, William W. Stammerjohan","doi":"10.2139/SSRN.616901","DOIUrl":"https://doi.org/10.2139/SSRN.616901","url":null,"abstract":"Managers use derivatives to reduce cash flow volatility and achieve earnings smoothing. In 1998, FASB issued SFAS No. 133, under which firms are no longer allowed to simultaneously record all offsetting gains and losses on the items being hedged. Thus, critics argued that this treatment could potentially induce volatility in earnings. The critics also argued that SFAS No.133 would deter the use of derivatives. Consequently, cash flows were expected to become more volatile, which would also lead to increased volatility in earnings. Based on a sample of Fortune 500 firms, the current study documents that: (1) derivative usage did not significantly decline following the implementation of SFAS No. 133, and (2) derivative users' cash flow volatility did not increase. Although derivative users' earnings volatility did increase during the period 1997 to 2002, the evidence suggests that this increase may have been caused by factors other than SFAS No. 133.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122399239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-03-01DOI: 10.1142/S0219868105000318
D. Malhotra, Mukesh K. Chaudhry, Vivek Bhargava
This study investigates the long-run stochastic properties of semiannual and annual swap rates in the framework of cointegration methodology. Initial exploratory tests show that both semiannual and annual swap rates exhibit nonstationarity, which makes it logical to use cointegration methodology. Short- and long-term relationships between semiannual and annual swaps' bid and offer rates are reported for all maturities. We investigate whether semiannual and annual interest rate swap markets are segmented or integrated. The information derived from the analysis sheds light on linkages and informational flows between semiannual and annual swap markets.
{"title":"STRUCTURAL RELATIONSHIPS BETWEEN SEMIANNUAL AND ANNUAL SWAP RATES","authors":"D. Malhotra, Mukesh K. Chaudhry, Vivek Bhargava","doi":"10.1142/S0219868105000318","DOIUrl":"https://doi.org/10.1142/S0219868105000318","url":null,"abstract":"This study investigates the long-run stochastic properties of semiannual and annual swap rates in the framework of cointegration methodology. Initial exploratory tests show that both semiannual and annual swap rates exhibit nonstationarity, which makes it logical to use cointegration methodology. Short- and long-term relationships between semiannual and annual swaps' bid and offer rates are reported for all maturities. We investigate whether semiannual and annual interest rate swap markets are segmented or integrated. The information derived from the analysis sheds light on linkages and informational flows between semiannual and annual swap markets.","PeriodicalId":128457,"journal":{"name":"Journal of Derivatives Accounting","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130964942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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