金融专业毕业论文外文翻译--股票期权、当前的公司业绩和递延收益-金融财政(编辑修改稿)

金融专业毕业论文外文翻译--股票期权、当前的公司业绩和递延收益-金融财政(编辑修改稿)内容摘要：

ty。 GROWTHit1 = ratio of the beginning book value of equity of firm i over the beginning market value of equity。 LEVERAGEit1 = financial leverage (liabilities over equity) of firm i at the beginning of period t。 RETURN_1it = stock returns of firm i over prior one year。 and RETURN_3it = cumulative stock returns of firm i over prior three years. 3. Empirical Analyses Sample 3. Empirical Analyses Sample Selection and Descriptive Statistics We obtain pensation data from 2020 Execup database for the period 1992 to 2020. The database contains the information regarding the pensation of the top five executives. We collect pensation data for all firms for which CEO is identified. In addition to the total pensation, the database provides a detailed position including the Black amp。 Scholes value stock options, the amount of salary and the initial sample consists of 2,502 panies and a corresponding total of 14,013 firmyear exclude financial institutions 本科毕业论文 7 (1,852 observations), CEOs that are not awarded stock options (3,442 observations) and firms providing pensation lower than 1 million dollars (1,757 observations) from the initial sample. We also eliminate 1,013 observations that do not have 60 months of stock return in CRSP, required to pute the stock return volatility. Finally, we eliminate an additional 857 observations due to missing data. This gives us a sample of 5,092 firmyear observations for 1,353 panies. To investigate our question relating to the association between stock option pensation and current abnormal accruals, we need to estimate the discretionary accruals. We employ the modified Jones’ model for this purpose. Accounting data necessary to conduct these tests are obtained from Compustat. Firms included in our sample are profitable (average return on asset of %). The average value of CEO pensation is over 5 million dollars and stock options represent 47% of the value of total pensation for our sample firms, pare to 40% for the cash ponent. For the group of firms with low proportions of stock options, stock options, account on average, for 22% of the total pensation, while the cash ponent represents 53%. Conversely, stock options represent almost three quarter of total pensation of the group of firms with a high proportions of stock options, while the cash ponent is 23% of total pensation. For each group of firms, the average return on assets is positive but it is lower for the group of firms with a high proportion of stock options. All three groups experience positive growth, on average, and the leverage ratio seems to be negatively correlated to the proportion of stock options. On average, firms with a high proportion of stock options have experienced a higher return on their stock over the last year and the last three years. The volatility of stock return is also higher for firms with a high proportion of stock options. 4. Conclusion In this paper, we employ a sample of public firms spanning the period 19922020, and classify firmyear observations based on the proportion of stock options. For firms with a high proportion of stock options, we document a negative association between proportion of stock options and contemporaneous operating performance, even after controlling for other known vari。