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Valuing EmployeeStock Options

This book was written after FASB released its proposed FAS 123 revision
Tin March 2004. As one of the valuation consultants and FASB advisors
on the FAS 123 initiative in 2003 and 2004, I would like to illustrate to
the finance and accounting world that what FASB has proposed is actually
pragmatic and applicable. I am neither for nor against the expensing of
employee stock options and would recuse myself from the philosophical
and sometimes emotional debate on whether employee stock options
should be expensed (that they are a part of an employee’s total compensa-
tion, paid in part for the exchange of services, and are an economic oppor-
tunity cost to the firm just like restricted stocks or other contingent claims
issued by the company) or should not be expensed (that they simply dilute
the holdings of existing shareholders, are a cashless expense, and if ex-
pensed, provide no additional valuable information to the general investor
as to the financial health of the company but rather reduce the company’s
profitability and hence the ability to continue issuing more options to its
employees).

Từ khóa: securities trading, stock market, stock index, the risk of securities, securities analysts, securities market,

328 p tailieu_mku 14/05/2012 289 1

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