Alternative explanations for the association between market values and stock-based compensation expenditure
Suzanna Riddell and
Journal of Contemporary Accounting and Economics, 2009, vol. 5, issue 2, 95-107
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)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jocaae:v:5:y:2009:i:2:p:95-107
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