Option backdating and board interlocks Camshare adult
JEL classification: J22; M52 evidence canadian public firm ceo manipulation stock-option grant stock option grant large canadian firm sarbanes-oxley act canadian firm u.s.
DIRECTORS of corporations often form a tight-knit community, serving at more than one company and creating what are known as interlocking boards of directors.
Our results show that the introduction of the two-day filing requirement following the Sarbanes-Oxley Act (SOX) has eliminated backdating practice by Canadian firms cross-listed in the U. Most importantly, we find that cross-listed firms are likely to set stock option grants in harmony with the day-of-the-week effect.
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