围绕期权授予的激励机制和盈余管理机会[外文翻译]

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1、本科毕业论文（设计）外文翻译原文：IncentivesandOpportunitiestoManageEarningsAroundOptionGrantsRecentacademicresearchandregulatoryactionstronglysuggestthatmanagersinterveneingovernanceandreportingprocessestoincreasethevalueoftheiroptionpay(e.g.,HeronandLie2007;Balsam,Chen,andSankaraguruswamy2003;AboodyandKasz

2、nik2000;ForelleandBandler2006).Collectively,resultsfrompriorresearchindicatethatmanagerscanpursueavarietyofinsider-tradingstrategiesinvolvingsignalsaboutfirmperformance,changesinshareprices,andthetimingofoptiongrantdates.Thesestrategiesgenerallyreflectthreeapparentformsofopportunism:(a)selec

3、tivelyreleasingvoluntarydisclosuresaroundgrantdates,(b)backdatinggrantstoperiodsoflowershareprices,and(c)managingquarterlyearningsinperiodsleadinguptograntdates.Thecommonthemeofthisresearchisthatmanagersappeartouseprivateinformationaboutfirmperformanceorgrantdates—orboth—toexecuteanoption-re

4、latedstrategy.Arguably,suchactionscanleadtolowerexercisepricesandhighersubsequentpayoffs.Fromapublicpolicyperspective,thisissueisimportantenoughthatregulatorshavespecificallytargetedtwooftheabovestrategies.First,theSecuritiesandExchangeCommission(SEC)severelycurtailedtheselectivereleaseofvol

5、untarydisclosuresbyissuingRegulationFDin2000.Second,undertheSarbanes-OxleyAct,Congressdiscouragedoptionbackdatingbyrequiringtimelierreportingofgrants.However,theseactionscouldunintentionallyleadtoincreasedpressuretomanageearningsaspartofanoption-relatedstrategy,aconsequencethatseemsinconsist

6、entwiththeSEC'soverallmandateforimprovedearningsquality(Levitt1999;Sarbanes-OxleyAct2002).Toaddressthisissue,weexaminethediscretionaryaccrualscomponentofearningsanditsrelationtothetimingofexecutiveoptiongrants.Inparticular,wefocusongrantsmadeshortlyafterthequarterlyearningsannouncement.Prior

7、researchsuggeststhataccrualscanbeusedtolowerexerciseprices(Baker,Collins,andReitenga2003;Balsametal.2003)andthatthisaccrualmanagementisassociatedwithmissedearningstargets(McAnally,Srivastava,andWeaver2008).However,theresearchoffersdifferingviewsont