NDLI: Board independence and market reactions around news of stock option backdating

Content Provider	Springer Nature Link
Author	Iqbal, Zahid Wang, Kun
Copyright Year	2009
Abstract	This study focuses on whether board independence explains stock price reactions to backdating and factors that explain backdating decision. Consistent with previous studies, we find negative stock returns around backdating news. Although our findings show that board independence variables fail to explain the incidence of backdating, our regression results show that stockholders consider these variables to be important. Abnormal stock returns around news of backdating are higher when firms have higher proportion of outside directors and when outside directors have lower stock ownership in the firm.
Starting Page	104
Ending Page	115
Page Count	12
File Format	PDF
ISSN	10550925
Journal	Journal of Economics and Finance
Volume Number	35
Issue Number	1
e-ISSN	19389744
Language	English
Publisher	Springer US
Publisher Date	2009-10-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Board Independence Option Backdating Finance /Banking Financial Economics Economics general
Content Type	Text
Resource Type	Article
Subject	Finance Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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Board independence and market reactions around news of stock option backdating