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,andSankaraguruswa

2、my2003;AboodyandKasznik2000;ForelleandBandler2006).Collectively,resultsfrompriorresearchindicatethatmanagerscanpursueavarietyofinsider-tradingstrategiesinvolvingsignalsaboutfirmperformance,changesinshareprices,andthetimingofoptiongrantdates.Thesestrategiesgenerallyreflect

3、threeapparentformsofopportunism:(a)selectivelyreleasingvoluntarydisclosuresaroundgrantdates,(b)backdatinggrantstoperiodsoflowershareprices,and(c)managingquarterlyearningsinperiodsleadinguptograntdates.Thecommonthemeofthisresearchisthatmanagersappeartouseprivateinformation

4、aboutfirmperformanceorgrantdates—orboth—toexecuteanoption-relatedstrategy.Arguably,suchactionscanleadtolowerexercisepricesandhighersubsequentpayoffs.Fromapublicpolicyperspective,thisissueisimportantenoughthatregulatorshavespecificallytargetedtwooftheabovestrategies.First,

5、theSecuritiesandExchangeCommission(SEC)severelycurtailedtheselectivereleaseofvoluntarydisclosuresbyissuingRegulationFDin2000.Second,undertheSarbanes-OxleyAct,Congressdiscouragedoptionbackdatingbyrequiringtimelierreportingofgrants.However,theseactionscouldunintentionallyle

6、adtoincreasedpressuretomanageearningsaspartofanoption-relatedstrategy,aconsequencethatseemsinconsistentwiththeSEC'soverallmandateforimprovedearningsquality(Levitt1999;Sarbanes-OxleyAct2002).Toaddressthisissue,weexaminethediscretionaryaccrualscomponentofearningsanditsrelat

7、iontothetimingofexecutiveoptiongrants.Inparticular,wefocusongrantsmadeshortlyafterthequarterlyearningsannouncement.Priorresearchsuggeststhataccrualscanbeusedtolowerexerciseprices(Baker,Collins,andReitenga2003;Balsametal.2003)andthatthisaccrualmanagementisassociatedwithmis

8、sedearningstargets(McAnally,Srivastava,andWeaver2008).However,theresearchoffersdifferingviewsont