Förslag till vidare forskning

Problematiken kring optionsprogram och andra typer av incitamentprogram kommer ständigt att vara närvarande. Det kanske mest intressanta området, som har allra störst påverkan gällande manipulation, är hur programutformningen förändras. En uppföljning av hur svenska företag ändrat sina optionsprogram för att göra dem säkrare och mindre manipulationskänsliga är därför ett intressant område att fördjupa sig i. Mer forskning på området kommer sannolikt framarbetas där fler förslag och varianter på ”säkra” program kommer presenteras och analyseras. Eftersom förändring tar tid blir en uppsats som denna inte aktuell att göra på ett antal år framöver då fler varianter implementerats hos företagen och som då kan tjäna som underlag för en studie.

Källförteckning Litteratur

Abdelaziz, E-M., Amine, L. & Lanouar, C. (2011). Stock-Options and the Performance of CAC40 Listed Companies. International Journal of Economics and Finance, 3(1), ss. 218-228.

Ammann, M. & Seiz, R. (2005). An IFRS 2 and FASB 123 (R) Compatible Model For The Valuation of Employee Stock Options. Financial Markets and Portfolio Management, 19(4), ss. 381–396.

Andersen, I. (1998). Den uppenbara verkligheten – val av vetenskaplig metod. Lund:

Studentlitteratur.

Balsam, S., Gifford, R. & Kim, S. (2007). The effect of stock option grants on voluntary employee turnover. Review of Accounting and Finance, 6(1), ss. 5–14.

Bartov, E. & Partha, M. (2004). Private Information, Earnings Manipulations, and Executive Stock-Option Exercises. The Accounting Review, 79(4), ss. 889-920.

Bens, D. A., Nagar, V., Skinner, D. J. & Wong, M. H. F. (2003). Employee stock options, EPS dilution, and stock repurchases. Journal of Accounting & Economics, 36(1/3), ss. 51–90.

Bergman, N. K. & Jenter, D. (2007). Employee sentiment and stock option compensation.

Journal of Financial Economics, 84(3), ss. 667–712.

Brenner, M., Sundaram, R. & Yermack, D. (2005). On Rescissions in Executive Stock Options. The Journal of Business, 78(5), ss. 1809-1835.

Brockman, P., Martin, X. & Puckett, A. (2010). Voluntary disclosures and the exercise of CEO stock options. Journal of Corporate Finance, 16(1), ss. 120–136.

Carpenter, J. & Remmers, B. (2001). Executive Stock Option Exercises and Inside Information. Journal of Business, 74(4), ss. 513-534.

Chauvin, K. W. & Shenoy, C. (2001). Stock price decreases prior to executive stock option grants. Journal of Corporate Finance, 7(1), ss. 53–76.

Chen, A., Pelger, M. & Sandmann, K. (2013). New performance-vested stock option schemes. Applied Financial Economics, 23(8), ss. 709–727.

Core, J. E. & Guay, W. R. (2001). Stock option plans for non-executive employees.

Journal of Financial Economics, 61(2), ss. 253–287.

Deegan, C. (2006). Financial accounting theory, 2nd edn, McGraw-Hill. Sidney.

Ding, D. K. & Sun, Q. (2001). Causes and effects of employee stock option plans: Evidence from Singapore. Pacific-Basin Finance Journal, 9(5), ss. 563–599.

Eberhart, A. C. (2005). Employee stock options as warrants. Journal of Banking & Finance, 29(10), ss. 2409–2433.

Edmans, A. & Gabaix, X. (2009). Is CEO Pay Really Inefficient? A Survey of New Optimal Contracting Theories. European Financial Management, 15(3), ss. 486–496.

Essid, W. (2012). Executive stock options and earnings management: is there an option level dependence? Corporate Governance, 12(1), ss. 54–70.

Flood, P., Rowley, P., Selvarajan, T. T. & Ramamoorthy, N. (2006). Employee stock option plan and employee attitudes - A test of extrinsic versus intrinsic models. International Journal of Sociology and Social Policy, 26(5/6), ss. 245-254.

Dillavou, E. R. (1945). Employee Stock Options. The Accounting Review, 20(3), ss. 320-326.

Fung, H-G., Huang, Y-T. & Wu, M-C. (2012). What drives the dating game of executive options exercise? Evidence from Taiwan. Accounting and Finance, 52(2), ss. 605–625.

Giner, B. A. & Arce, M. (2012). Lobbying on Accounting Standards: Evidence from IFRS 2 on Share-Based Payments. European Accounting Review, 21(4), ss. 655-691.

Hall, B. J. & Murphy, K. J. (2002). Stock options for undiversified executives.

Journal of Accounting and Economics, 33(1), ss. 3–42.

Hodge, F. D., Rajgopal, S. & Shevlin, T. (2009). Do Managers Value Stock Options and Restricted Stock Consistent with Econonic Theory? Contemporary Accounting Research, 26(3), ss. 899-932.

Holme, I. M. & Solvang, B. K. (1997). Forskningsmetodik – om kvalitativa och kvantitativa metoder. Lund: Studentlitteratur.

Jirjahn, U. (2006). A Note on Efficiency Wage Theory and Principal – Agent Theory.

Bulletin of Economic Research, 58(3), ss. 235–252.

Kato, H. K., Lemmon, M., Luo, M. & Schallheim, J. (2005). An empirical examination of the costs and benefits of executive stock options: Evidence from Japan. Journal of Financial Economics, 78(2), ss. 435–461.

Keser, C. & Willinger, M. (2000). Principals’ principles when agents’ actions are hidden.

International Journal of Industrial Organization, 18(1), ss. 163–185.

Keser, C. & Willinger, M. (2007). Theories of behavior in principal–agent relationships with hidden action. European Economic Review, 51(6), ss. 1514–1533.

Kirschenheiter, M., Mathur, R. & Thomas, J. K. (2004). Accounting for Employee Stock Options. Accounting Horizons. 18(2), ss. 135-156.

Korn, O., Paschke, C. & Uhrig-Homburg, M. (2012). Robust stock option plans.

Review of quantitative finance and accounting, 39(1), ss. 77–103.

Kuang, Y. F. & Qin, B. (2009). Performance-vested stock options and interest alignment.

The British Accounting Review, 41(1), ss. 46–61.

Kuang, Y. F. (2008). Performance-vested Stock Options and Earnings Management.

Journal of Business Finance & Accounting, 35(9-10), ss. 1049–1078.

Laux, V. (2010). On the benefits of allowing CEOs to time their stock option exercises.

The Rand Journal of Economics, 41(1), ss. 118-138.

Laux, V. (2012). Stock option vesting conditions, CEO turnover, and myopic investment.

Journal of Financial Economics, 106(3), ss. 513–526.

Leung, T. & Sircar, R. (2009). Accounting For Risk Aversion, Vesting, Job Termination Risk and Multiple Exercises in Valuation of Employee Stock Options. Mathematical Finance, 19(1), ss. 99-128.

Liljeblom, E., Pasternack, D. & Rosenberg, M. (2011). What determines stock option contract design? Journal of Financial Economics, 102(2), ss. 293–316.

Mehran, H. (1995). Executive compensation structure, ownership, and firm performance.

Journal of Financial Economics, 38(2), ss. 163–184.

Morgan, A. G. & Poulsen, A. B. (2001). Linking pay to performance – compensation proposals in the S&P 500. Journal of Financial Economics, 62(3), ss. 489–523.

O'Connor, J., Priem, R., Coombs, J., & Gilley, K. (2006). Do CEO Stock Options Prevent or Promote Fraudulent Financial Reporting? Academy of Management Journal, 49(3), ss. 483-500.

Sharma, K. (2006). Understanding Employee Stock Options. Global Business Review, 7(1), ss. 77-93.

Tian, Y. S. (2004). Too much of a good incentive? The case of executive stock options.

Journal of Banking & Finance, 28(6), ss. 1225–1245.

Wang, G. J., Yourougou, P., & Wang, Y. D. (2012). Which implied volatility provides the best measure of future volatility? Journal of Economics and Finance, 36(1), ss. 93-105.

Redovisningsstandarder

IAS 33 Resultat per aktie

Elektroniska källor

Arcam (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig: http://ir.arcam.se/wp-content/blogs.dir/3/files/Arcam-%C3%85R-2008.pdf

Arcam (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig: http://ir.arcam.se/wp-content/blogs.dir/3/files/Arcam-%C3%85R-2009.pdf

Avega Group (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/A2/11/wkr0003.pdf Avega Group (2011). Årsredovisning 2010. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/14/5B/42/wkr0005.pdf Bio Invent (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/A2/81/wkr0003.pdf Biotage (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.biotage.se/Graphics/20385.pdf

BTS Group (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.bts.com/docs/financial/BTS_Annual_Report_2008_swe.pdf?sfvrsn=0 Consilium (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/BC/FF/wkr0003.pdf Cybercom Group (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://epi.bolagsfakta.se/borsbolag/reports.aspx?id=22902&file=3

Cybercom Group (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig:

http://www.cybercom.com/PageFiles/445/Cybercom_AR_SVE_2009.pdf DGC One (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/1F/C8/53/wkr0006.pdf Diamyd Medical AB (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/10/59/AB/wkr0011.pdf Diamyd Medical AB (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/12/EC/CB/wkr0001.pdf eWork Scandinavia (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/D1/AB/wkr0003.pdf Fingerprint Cards (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.fingerprints.com/~/media/PDF/Finansiella%20rapporter/2008/2008_arsredovisnin g.ashx

Formpipe Software (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.formpipe.com/PageFiles/503/FormPipe_Software_2008.pdf

HMS Networks (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://investors.hms.se/dynamaster/file_archive/090401/978f43c30f4f0d90aa1f8d704be0f8f6/

HMS_2008_S_webb.pdf

Karo Bio (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://epi.bolagsfakta.se/borsbolag/reports.aspx?id=12185&file=3

Karolinska Development AB (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.karolinskadevelopment.com/files/6312/7546/9154/Annual_Report_2008_sv.pdf Knowit (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig:

http://www.knowitgroup.com/Global/%C3%85rsredovisningar/2009/100428_Know%20IT_O K_210x297_%C3%85rsredovisning_2009_redigerbar.pdf

Lagercrantz Group (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.lagercrantz.com/Documents/Finansiella%20rapporter/2008_09/Lagercrantz_2008 _09-Annual-SV.pdf

Lammhults Design Group (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.lammhultsdesigngroup.com/Files/LDG2008.pdf Midsona (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig:

http://www.midsona.com/Global/Midsona/Investerare/Rapporter/Midelfart%20Sonesson%20

%C3%A5rsredovisning%202009%20slutlig.pdf

Midsona (2012). Årsredovisning 2011. [Elektronisk]. Tillgänglig:

http://www.midsona.com/Global/Midsona/Investerare/Rapporter/%C3%85rsredovisning%20 Midsona%202011%20SLUTLIG.pdf

MultiQ (2010). Årsredovisning 2009. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/10/FC/F7/wkr0011.pdf PA Resources (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.paresources.se/upload/%C3%85rsredovisningar/PAResources_AR2008_final.pdf Partnertech (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.partnertech.se/en/Investors/Reports/~/media/Files/Investor/Annual%20reports/PT 08%20sv.ashx

Precise Biometrics (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://epi.bolagsfakta.se/borsbolag/reports.aspx?id=23044&file=3

RaySearch Laboratories (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/A5/4A/wkr0003.pdf Seamless Distribution (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://files.shareholder.com/downloads/ABEA-4VREJY/2641798022x0x633918/5C9DA872-3453-45D3-B186-C59DC7D8A5CD/Annual_report_2008_swe_.pdf

Shelton Petroleum AB (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.sheltonpetroleum.com/uploads/Petrosibir%20Annual%20Reports/Arsredovisning _2008_web.pdf

Sintercast (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://epi.bolagsfakta.se/borsbolag/reports.aspx?id=12129&file=4 StjärnaFyrkant (2011). Årsredovisning 2010. [Elektronisk]. Tillgänglig:

http://www.stjarnafyrkant.se/files/pdf/Arsredovisningar/Arsredovisning_Mobyson_AB_2010.

pdf

Svedbergs (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.svedbergs.se/files/sv/rapporter/sve_arsred.pdf

TradeDoubler (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://financials.tradedoubler.com/Documents/%C3%85rsredovisningar/arsredovisning2008.p df

Uniflex (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://www.uniflexgroup.com/download/18.34d8785812fd178ec94800019139/Uniflex%2BA B%2B-%2B%C3%85rsredovisning%2B2008.pdf

Uniflex (2012). Årsredovisning 2011. [Elektronisk]. Tillgänglig:

http://mb.cision.com/Public/MigratedWpy/81230/9238198/b734d9503b268867.pdf Vitrolife (2009). Årsredovisning 2008. [Elektronisk]. Tillgänglig:

http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/8E/DB/wkr0003.pdf