Lobbying is an essential part of the IASB standard-setting process. There is still much to learn, however, about key aspects of the roles played and arguments employed by various constituents when lobbying practices do occur. This paper focuses on the regulation of share-based payments. As these...

DeAngelo and DeAngelo (2006) (D&D hereafter) argue that ‘payout policy is not irrelevant and investment is not the sole determinant of value, even in frictionless markets.' We first re-examine their critique using M&M's (1961) multiperiod valuation framework and identify non-essential...