Sorting Effects of Broad-Based Equity Compensation

The authors thank Chris Armstrong, Markus Arnold, Dirk Black, Takao Kato, Michelle R. Lowry, Ella Mae Matsumura, Venky Nagar, Syrena Shirley, Monte Swain, Michael Williamson, and workshop participants at Penn State University, Virginia Tech, BYU’s Accounting Research Symposium, the MAS Midyear meeting, the Midyear Fellows Workshop in Honor of Luis O. Kelso, the UCI/UCLA/USC Accounting Conference, and the Global Management Accounting Research Symposium for helpful comments.