For The Last Time : Stock Options are An Expense  

Oleh:

Kaplan, Robert S. ; Bodie, Zvi ; Merton, Robert C.

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 81 no. 3 (2003), page 62-71.
Topik: EXPENSES; accounting & control; corporate governance; earnings; financial statements; options

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Perpustakaan Pusat (Semanggi) Nomor Panggil: HH10.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes ? The authors believe the case for expensing options is overwhelming. In this article, Nobel laureate Robert Merton, one of the inventors of the Black - Scholes option - pricing model; his co - author on the classic textbook Finance, Zvi Bodie ; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock - option grants have real cash - flow implications that need to be reported and detail the distortions that relegating stock - option accounting to footnotes creates. The authors agree that options are a powerful incentive, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems.

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