Purpose – Effective August 23, 2004, the US Securities and Exchange Commission (SEC) requires all firms to disclose restatements via an item 4.02 Form 8-K filing. However, a significant number of firms continue to disclose restatements using means other than an 8-K. Commonly referred to as...

Purpose – The purpose of this paper is to examine the motivations for and variations in terms of stock option modifications under Statement of Financial Accounting Standards (SFAS) 123(R). Stock options are used to motivate and retain employees. Unfortunately, when stock prices decline,...

Purpose – The objective of this research is to examine the effect of a broad-based option program on voluntary employee turnover. Design/methodology/approach – The paper examines the effect of a broad-based stock option program in a Fortune 100 company during the 1990s and uses logistical...

In this paper we provide evidence that independent director turnover is influenced by a series of economic factors. Directors, both independent and insider, are less likely to leave if they are paid well or if the firm has a director pension plan. They are also more likely to leave when the firm...

The financial scandal surrounding the collapse of Enron caused erosion in the reputation of its auditor, Andersen, leading to concerns about Andersen’s ability to continue in existence and ultimately its demise. In this paper we investigate the timing of switch by former Andersen’s clients....