How backdating dave rogers dating profiles
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. 21, 2014 /PRNewswire/ -- Shares in Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN) have plunged approximately 20%-its largest intraday drop since October 2008-after New York's Department of Financial Services accused the company of improperly option grants to periods of lower share prices (Yermack, 1997; Aboody and Kasznik, 2000; Chauvin and Shenoy, 2001; Lie, 2005; Heron and Lie, 2007; and Narayanan and Seyhun, 2006), or decreasing earnings to suppress share price when options are granted (Baker, Collins, and Reitenga, 2003; Cheng and Warfield, 2005; Bergstresser and Philippon, 2006; Cornett, Marcus, and Tehranian, 2008; Mc Anally, Srivastava, and Weaver, 2008).In a study that I started in 2003 and disseminated in the first half of 2004 and that was published in Management Science in May 2005 (available at I found that stock prices also tend to decrease before the grants.
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 process makes the granted option in-the-money and of value to the holder.
This process occurred when companies were only required to report the issuance of stock options to the SEC within two months of the grant date.
To the extent that companies comply with this new regulation, backdating should be greatly curbed.
Thus, if backdating explains the stock price pattern around option grants, the price pattern should diminish following the new regulation.