Traditional executive stock options are granted at fair market value on the grant date and vest over time. Although executive stock options are a popular compensation vehicle, they have received increasing criticism for providing inadequate incentives for executives to improve shareholder...

Recent work presents evidence that certain groups of institutional investors are able to trade profitably based on private information about earnings and returns. We contribute to this literature in three ways. First, we test whether certain private information proxies are consistent with the...

This paper provides evidence that financial reporting quality (FRQ) influences the holding costs of trading strategies. While prior research has focused on the benefits of investment strategies based on poor FRQ (i.e., larger returns due to a greater amount of private information), we examine...