Employee stock options, equity valuation, and the valuation of option grants using a warrant-pricing model

Article Abstract:

The use of a warrant-pricing approach is investigated to incorporate employee stock options (ESOs) into equity valuation and to account for the dilutive effect of ESOs in the valuation of option grants for financial reporting purposes. The results found that the fair value is overstated by 6% if the dilutive feature of ESO grant is ignored.

Reporting & Disclosure, Capital funds & cash flow, Financial statements, Employee stock options

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Accounting information, capital investment decisions, and equity valuation: theory and empirical implications

Article Abstract:

A theoretical model is presented to measure equity value as it relates to book value and earnings. Topics include previous work of G. Feltham and J. Ohlson, the relationship between accounting variables and equity value, the role of capital investment decisions, and research implications.

Accounting Methods, Accounting and auditing, Accounting, Investments

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Capital gains taxes and equity trading: empirical evidence

Article Abstract:

The way in which investor's capital gains taxes affect equity trading around public disclosures is empirically supported. Price increases and equity constrictions around the announcements of quarterly earnings and additions to the S&P 500 index are used to evident the theory.

Public Finance Activities, Capital Gains Taxes, Analysis, Capital gains tax, Securities trading, Investment management

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