In The Netherlands employee stock options are taxed when they are rewarded. The Dutch tax authorities have developed a formula for the valuation of these options. This formula is analysed and it is shown how it can be used for tax and accounting purposes in The Netherlands and in other countries.

This article examines the market memory effect in convertible bond markets. We look at the pricing of convertible bonds issued after the original issuer redeemed previous issues without giving an opportunity for investors to benefit from bond value appreciation. We find evidence that the market...