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University of California – Berkeley

1. Yao, Fiona Kun. Social Context of the Exercising and Dating of Stock-Options: Three Essays.

Degree: Business Administration, Ph, 2013, University of California – Berkeley

The dissertation investigates stock options-related arrangements by individual executives and firms from a sociological point of view. The first study in this dissertation explores the antecedents of stock option exercises by executives in Chinese state-owned firms, behaviors considered deviant from the institutional norms of the Chinese state bureaucracy. This study seeks to answer the following question: When individual beliefs and actions are deeply embedded in their institutional context, as in the case of Chinese executives in overseas-listed firms, who is likely to break with the institutional status quo, and what are their reasons for doing so? Contrary to the existing status-based theory of social deviance, institutional disengagement among Chinese executives often takes place in the middle of an institutional status hierarchy. Characteristics of the institutional environment and the individual biography further interact with individual positions to affect the likelihood that an executive will diverge from the institutional expectation of not exercising stock options. The second study investigates the individual consequences of stock option exercises in Chinese state-owned firms. This study seeks to answer the following questions: When institutional entrepreneurs diverge from the institutional status quo, who is most likely to be punished? Who can bypass the sanction, and for what reasons? The findings suggest that executives were more likely to be punished for divergent behaviors if (a) the executive had low levels of bottom-up power, (b) the prevalence of divergent behaviors among peers was moderate without having reached a threshold that sufficiently legitimized the practice, and (c) the broader audience was concentrated. This study promises to shed new light on the outcomes of institutional entrepreneurship by addressing why some institutional entrepreneurs fail. The third study, explores the spread of stock backdating, an unethical corporate practice about which public information was virtually unavailable until 2005. This "invisible" practice, unlike corporate practices accessible to outsiders, did not diffuse through board interlocks. Rather, stock option backdating spread because of geographic proximity: Firms were more likely to backdate stock options to the extent that other firms located geographically close to them had done so. The effect of geographical proximity was conditional on high levels of local board interlocks, a finding that lends support to the idea of the importance of localized interactions among members of the local business elite. Together these findings suggest that invisible corporate practices follow unique diffusion patterns.

Subjects/Keywords: Management; Backdating; Emerging economies; Institutional entrepreneurship; Stock options

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Yao, F. K. (2013). Social Context of the Exercising and Dating of Stock-Options: Three Essays. (Thesis). University of California – Berkeley. Retrieved from http://www.escholarship.org/uc/item/6856g34x

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Yao, Fiona Kun. “Social Context of the Exercising and Dating of Stock-Options: Three Essays.” 2013. Thesis, University of California – Berkeley. Accessed October 18, 2019. http://www.escholarship.org/uc/item/6856g34x.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Yao, Fiona Kun. “Social Context of the Exercising and Dating of Stock-Options: Three Essays.” 2013. Web. 18 Oct 2019.

Vancouver:

Yao FK. Social Context of the Exercising and Dating of Stock-Options: Three Essays. [Internet] [Thesis]. University of California – Berkeley; 2013. [cited 2019 Oct 18]. Available from: http://www.escholarship.org/uc/item/6856g34x.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Yao FK. Social Context of the Exercising and Dating of Stock-Options: Three Essays. [Thesis]. University of California – Berkeley; 2013. Available from: http://www.escholarship.org/uc/item/6856g34x

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

2. Selmane, Nassima. CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats.

Degree: Docteur es, Sciences de gestion, 2016, Université Toulouse I – Capitole

Cette thèse comprend trois chapitres. Le Chapitre 1 présente des généralités sur les stock-options et synthétise la littérature existante sur les attributions et les exercices de stock-options. Le Chapitre 2 examine le comportement d’exercice des dirigeants dans les plus grandes entreprises françaises. Les résultats fournissent des preuves de l’utilisation d’informations privées pour exercer les options loin de l’expiration. Le Chapitre 3 examine l'annonce des résultats annuels et sa relation avec la décision d’exercice des stock-options des dirigeants. Les résultats de ce chapitre indiquent que les résultats annuels sont plus susceptibles de dépasser les prévisions des analystes quand les dirigeants exercent leurs options proches de l'expiration peu de temps après les annonces. La probabilité d'annonces de résultats positifs est également plus élevée lorsque les dirigeants exercent leurs options et revendent les actions obtenues. Les résultats montrent également la capacité de synchronisation des dirigeants. Ils accélèrent les annonces de résultats quand ils doivent exercer leurs options à proximité de l'expiration, en particulier lorsqu’ils vendent les actions obtenues. Le Chapitre 3 montre que les dirigeants utilisent un niveau plus élevé d’Accruals discrétionnaires lorsqu’ils doivent exercer des options à expiration.

This dissertation contains three chapters. Chapter 1 presents a description of stock option compensation and discusses the existing literature on stock option awards and exercises. Chapter 2 investigates CEO exercise behavior in the most important French companies. The results provide evidence of information timing of option exercises. Chapter 3 examines annual earnings announcement and its relation with CEO exercise decisions. The results of this chapter indicate that earnings are more likely to exceed analyst forecasts when CEOs exercise their options close to expiry shortly after the announcements. The likelihood of positive surprise increases when option exercises are followed by stock sales. The results also show CEO timing ability. CEOs accelerate earnings announcements when they have to exercise their stock options close to expiry, especially when they sell the obtained shares. Chapter 3 shows that CEOs use a higher level of discretionary accruals when they have to exercise options that are about to expire.

Advisors/Committee Members: Guembel, Alexander (thesis director).

Subjects/Keywords: Stock-Options; Information privée; Annonce de résultats; Stock options; Private Information; Backdating; Earnings Announcements; Accruals

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Selmane, N. (2016). CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats. (Doctoral Dissertation). Université Toulouse I – Capitole. Retrieved from http://www.theses.fr/2016TOU10027

Chicago Manual of Style (16th Edition):

Selmane, Nassima. “CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats.” 2016. Doctoral Dissertation, Université Toulouse I – Capitole. Accessed October 18, 2019. http://www.theses.fr/2016TOU10027.

MLA Handbook (7th Edition):

Selmane, Nassima. “CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats.” 2016. Web. 18 Oct 2019.

Vancouver:

Selmane N. CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats. [Internet] [Doctoral dissertation]. Université Toulouse I – Capitole; 2016. [cited 2019 Oct 18]. Available from: http://www.theses.fr/2016TOU10027.

Council of Science Editors:

Selmane N. CEO Stock Option Exercises : Private Information and Earnings Announcements : Exercice de stock-options des dirigeants : information privée et annonce de résultats. [Doctoral Dissertation]. Université Toulouse I – Capitole; 2016. Available from: http://www.theses.fr/2016TOU10027


University of Adelaide

3. Nguyen, Thuy Lien. Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility.

Degree: 2019, University of Adelaide

This thesis examines the impact of personal managerial characteristics on the decision making of chief executives (CEOs) at a corporate level. The research suggests executives’ personal philanthropy and educational backgrounds have a potent effect on corporate malfeasance in financial reporting and corporate environmental engagement and performance. My thesis is comprised of two studies. The first study explores the impact of CEO personal altruism on corporate malfeasance in financial reporting. The results show that firms run by CEOs with altruistic preferences, as captured by their stock donations, are less likely to commit financial fraud and exhibit lower levels of real and accrual-based earnings manipulation. These effects are more pronounced for CEOs who do not backdate when making stock donations and who donate stocks outside the tax season. The results are robust to a battery of endogeneity checks, including examining the effect of CEO turnovers, using difference-in-difference models, and applying an instrumental variable approach. Overall, the results suggest that personal altruism of managers has a disciplining effect on corporate malfeasance in financial reporting. Subsequently, the next chapter addresses potential measurement error of personal managerial altruism and extends the research of the effect of CEO altruism on the readability of a firm’s annual financial report. Similar conclusions are obtained when proxying CEO altruism by five alternative measures other than CEO stock donations. Further, the results also show that financial reports are more comprehendible for firms with altruistic CEOs. Building on the theories of familiarity and self-efficacy, the second study investigates the relationship between CEO educational background in science and MBA degrees, and corporate environmental responsibility. Using a sample of S&P 1500 firms, this research conducts difference-in-difference analyses utilizing CEO turnovers to highlight the impacts of CEOs backgrounds on corporate environmental ratings and performance. The results show that science-educated CEOs take greater environmental risks rather than refraining from investing in environmental strengths which result in lower overall environmental CSR ratings. Conversely, CEO holdings MBA degrees outperform non-MBA CEOs in overall environmental CSR performance because MBA CEOs are more risk-averse in taking additional environmental risks. The overall findings document that CEO educational background may be a potent predictor of differences in corporate environmental engagement and performance. Advisors/Committee Members: Zurbruegg, Ralf (advisor), Business School (school).

Subjects/Keywords: CEO Altruism; Earnings Management; Stock Donations; Backdating; Tax-planning; Corporate Fraud; CEO Education; MBA CEOs; Scientist CEOs; Corporate Social Responsibility; Environmental Responsibility

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Nguyen, T. L. (2019). Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility. (Thesis). University of Adelaide. Retrieved from http://hdl.handle.net/2440/120899

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Nguyen, Thuy Lien. “Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility.” 2019. Thesis, University of Adelaide. Accessed October 18, 2019. http://hdl.handle.net/2440/120899.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Nguyen, Thuy Lien. “Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility.” 2019. Web. 18 Oct 2019.

Vancouver:

Nguyen TL. Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility. [Internet] [Thesis]. University of Adelaide; 2019. [cited 2019 Oct 18]. Available from: http://hdl.handle.net/2440/120899.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Nguyen TL. Tone at The Top: The Influence of Ceo Personal Characteristics On Corporate Financial Reporting and Environmental Responsibility. [Thesis]. University of Adelaide; 2019. Available from: http://hdl.handle.net/2440/120899

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.