Cheap Stock Options: Antecedents and Outcomes
References
- (2002) Strategic IPO underpricing, information momentum, and lockup expiration selling. J. Financial Econom. 66(1):105–137.Crossref, Google Scholar
- (2004) Pay without Performance: The Unfulfilled Promise of Executive Compensation (Harvard University Press, Cambridge, MA).Google Scholar
- (2005) The timing of initial public offerings. J. Financial Econom. 75(1):115–132.Crossref, Google Scholar
- (2015) Does going public affect innovation? J. Finance 70(4):1365–1403.Crossref, Google Scholar
- (2003) Enjoying the quiet life? Corporate governance and managerial preferences. J. Political Econom. 111(5):1043–1075.Crossref, Google Scholar
- (2009) How does financial reporting quality relate to investment efficiency? J. Accounting Econom. 48(2–3):112–131.Crossref, Google Scholar
- (2006) Initial public offerings: An analysis of theory and practice. J. Finance 61(1):399–436.Crossref, Google Scholar
- (1998) Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice Ed. 8:13–28.Google Scholar
- (2014) Investor horizon and CEO horizon incentives. Accounting Rev. 89(4):1299–1328.Crossref, Google Scholar
- (2001) An examination of executive stock option repricing. J. Financial Econom. 61(2):207–225.Crossref, Google Scholar
- (2004) The effect of stock option repricing on employee turnover. J. Accounting Econom. 37(1):91–112.Crossref, Google Scholar
- (1990) Initial public offerings and underwriter reputation. J. Finance 45(4):1045–1067.Crossref, Google Scholar
- (2021) The political dynamics of corporate tax avoidance: The Chinese experience. Accounting Rev. 96(5):157–180.Crossref, Google Scholar
- (2012) Revisiting the illiquidity discount for private companies: A new (and “skeptical”) restricted-stock study. J. Appl. Corporate Finance 24(1):80–91.Crossref, Google Scholar
- (1999) The use of equity grants to manage optimal equity incentive levels. J. Accounting Econom. 28(2):151–184. Crossref, Google Scholar
- (2002) Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. J. Accounting Res. 40(3):613–630.Crossref, Google Scholar
- (2005) Is U.S. CEO compensation inefficient pay without performance? Michigan Law Rev. 103(6):1142–1185.Google Scholar
- (1999) Corporate governance, chief executive officer compensation, and firm performance. J. Financial Econom. 51(3):371–406.Crossref, Google Scholar
- (2015) The JOBS Act and IPO volume: Evidence that disclosure costs affect the IPO decision. J. Financial Econom. 116(1):121–143.Crossref, Google Scholar
- (2003) Private equity returns: An empirical examination of the exit of venture-backed companies. J. Investment Management 1(1):152–177.Google Scholar
- Deloitte (2017) SEC comment letters—Including Industry Insights. Report, Deloitte Development LLC.Google Scholar
- (2013) With IPOs, SEC focuses on cheap stock and weird revenues. Wall Street J. (December 3), https://www.wsj.com/articles/BL-MBB-12716.Google Scholar
- (2019) Lowball prices on stock options could be Silicon Valley’s juiciest perk. Wall Street J. (February 20), https://www.wsj.com/articles/lowball-prices-on-stock-options-could-be-silicon-valleys-juiciest-perk-11550682199.Google Scholar
- (2014) Large shareholders and disclosure strategies: Evidence from IPO lockup expirations. J. Accounting Econom. 58(1):79–95.Crossref, Google Scholar
- (2024) A start-up secret: Executives’ “11th-hour” pay bumps. The New York Times (January 31), https://www.nytimes.com/2024/01/31/business/ipo-executive-options-discounts.html.Google Scholar
- (2001) The expiration of IPO share lockups. J. Finance 56(2):471–500.Crossref, Google Scholar
- (1996) Grandstanding in the venture capital industry. J. Financial Econom. 42(1):133–156.Crossref, Google Scholar
- (2001) The venture capital revolution. J. Econom. Perspect. 15(2):145–168.Crossref, Google Scholar
- (1989) What do venture capitalists do? J. Bus. Venturing 4(4):231–248.Crossref, Google Scholar
- (2020) Squaring venture capital valuations with reality. J. Financial Econom. 135(1):120–143.Crossref, Google Scholar
- (1999) The sensitivity of CEO wealth to equity risk: An analysis of the magnitude and determinants. J. Financial Econom. 53(1):43–71.Crossref, Google Scholar
- (2000) Optimal exercise prices for executive stock options. Amer. Econom. Rev. 90(2):209–214.Crossref, Google Scholar
- (1993) Market discounts and shareholder gains for placing equity privately. J. Finance 48(2):459–485.Crossref, Google Scholar
- (2020) On point: SEC comments relating to grants of cheap stock. Free Writings & Perspectives (July 23), https://www.freewritings.law/wp-content/uploads/sites/24/2020/07/On-point.-On-point.-SEC-Comments-Relating-to-Grants-of-Cheap-Stock.pdf.Google Scholar
- (2014) Outside directors and board advising and monitoring performance. J. Accounting Econom. 57(2):110–131.Crossref, Google Scholar
- (2002) Audit committee, board of director characteristics, and earnings management. J. Accounting Econom. 33(3):375–400.Crossref, Google Scholar
- (2000) The private company discount. J. Appl. Corporate Finance 12(4):94–101.Crossref, Google Scholar
- (2003) A new examination of the private company discount: The acquisition approach. J. Private Equity 6(3):48–55.Crossref, Google Scholar
- Latham and Watkins (2010) Cheap stock: An IPO survival guide. Report, Latham and Watkins LLP, New York.Google Scholar
- (2004) Grandstanding, certification and the underpricing of venture capital backed IPOs. J. Financial Econom. 73(2):375–407.Crossref, Google Scholar
- (2005) On the timing of CEO stock option awards. Management Sci. 51(5):802–812.Link, Google Scholar
- (2004) Why has IPO underpricing changed over time? Financial Management 33(3):5–37.Google Scholar
- (2003) Why does IPO volume fluctuate so much? J. Financial Econom. 67(1):3–40.Crossref, Google Scholar
- (2007) Executive stock options and IPO underpricing. J. Financial Econom. 85(1):39–65.Crossref, Google Scholar
- (1998) Why do companies go public? An empirical analysis. J. Finance 53(1):27–64.Crossref, Google Scholar
- (2017) Intangible capital and the investment-q relation. J. Financial Econom. 123(2):251–272.Crossref, Google Scholar
- (2018) SEC’s focus in IPO comment letters. Audit Analytics. Accessed January 11, 2022, https://blog.auditanalytics.com/secs-focus-in-ipo-comment-letters/.Google Scholar
- PwC (2020) Issuing equity pre-IPO? Address “cheap stock” concerns now to help avoid SEC scrutiny later. Accessed May 13, 2024, https://www.pwc.com/us/en/services/consulting/deals/library/cheap-stock.html.Google Scholar
- (2002) A review of IPO activity, pricing, and allocations. J. Finance 57(4):1795–1828.Crossref, Google Scholar
- (1996) The decision to go public: An overview. Eur. Econ. Rev. 40(3):1071–1081.Crossref, Google Scholar
- Securities and Exchange Commission (2011a) SEC-generated letter. Accessed April 13, 2020, https://www.sec.gov/Archives/edgar/data/1230276/000000000011015460/filename1.pdf.Google Scholar
- Securities and Exchange Commission (2011b) SEC-generated letter. Accessed April 13, 2020, https://www.sec.gov/Archives/edgar/data/1230276/000000000011028555/filename1.pdf.Google Scholar
- (2020) Use of independent valuation specialists in valuing employee stock options: Evidence from IPOs. Rev. Accounting Stud. 25(2):438–473.Crossref, Google Scholar
- (1998) Earnings management and the long-run market performance of initial public offerings. J. Finance 53(6):1935–1974.Crossref, Google Scholar

