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Alternative explanations for the association between market values and stock-based compensation expenditure

Zoltan Matolcsy, Suzanna Riddell and Anna Wright

Journal of Contemporary Accounting and Economics, 2009, vol. 5, issue 2, 95-107

Abstract: The relation between stock-based compensation and market values has been tested previously in the literature, but the empirical findings are inconsistent: both negative and positive relations have been documented. The objective of this study is to provide an explanation for why both negative and positive relations between stock-based compensation expenditure and market values can be consistent with rational markets.

Keywords: Stock-based compensation; Market values (search for similar items in EconPapers)
JEL-codes: J33 G34 (search for similar items in EconPapers)
Date: 2009
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Journal of Contemporary Accounting and Economics is currently edited by Agnes C.S. Cheng, P. Clarkson, F.A. Gul, Zoltan Matolcsy, Dan Simunic and Ben Srinidhi

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