Heron, Randall A.; Lie, Erik - In: Management Science 55 (2009) 4, pp. 513-525
We estimate that 13.6% of all option grants to top executives during the period 1996-2005 were backdated or otherwise manipulated. Our study primarily focuses on grants that were unscheduled and at-the-money, of which we estimate that 18.9% were manipulated. The fraction is 23.0% before the new...
