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The authors would like to thank Erik Lie, Svein-Arne Persson, and Wei Xiong for comments and discussions.Options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower.Specifically, our analysis indicates the presence of a founder CEO increases the likelihood that ESOs are backdated by 22%.We further find that founder-led firms strongly underperform a matched sample of non-backdating firms.Backdating does not violate shareholder-approved option plans.Most shareholder approved option plans prohibit in-the-money option grants (and thus, backdating to create in-the-money grants) by requiring that option exercise prices must be no less than the fair market value of the stock on the date when the grant decision is made. For example, because backdating is used to choose a grant date with a lower price than on the actual decision date, the options are effectively in-the-money on the decision date, and the reported earnings should be reduced for the fiscal year of the grant.Because the option value is higher if the exercise price is lower, executives prefer to be granted options when the stock price is at its lowest.Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options.

The paper was written while Lindset was a Visiting Scholar at the Bendheim Center for Finance and the Department of Economics at Princeton University.The act of options backdating has become much more difficult as companies are now required to report the granting of options to the SEC within two business days.This adjustment to the filing window came in with the Sarbanes-Oxley legislation.In essence, the revision enabled companies to increase executive compensation without informing their shareholders if the compensation was in the form of stock options contracts that would only become valuable if the underlying stock price were to increase at a later time.ESOs are usually granted at-the-money, i.e., the exercise price of the options is set to equal the market price of the underlying stock on the grant date.




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