Narayanan, M. P.; Seyhun, H. Nejat - In: Review of Financial Studies 21 (2008) 5, pp. 1907-1945
We provide evidence of two variants of a dating game that entails picking a grant date ex post, that is, after the board's compensation decision is made: back-dating (picking a date before the board decision date), and forward-dating (waiting after the board decision date to observe the stock...