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Reconsidering Realization-Based Accounting For Equity Compensation, David I. Walker
Reconsidering Realization-Based Accounting For Equity Compensation, David I. Walker
Faculty Scholarship
The U.S. equity compensation landscape continues to evolve. Recent innovations have improved the linkage between pay and firm-specific performance, but have added complexity. Against that backdrop, this Article urges reconsideration of the accounting rules for equity pay. Under current rules, most equity pay awards are expensed based on grant date valuation with no updating for changes in value post grant. This Article advocates the adoption of a mark-to-market or realization-based approach under which the expense recorded for all equity pay awards would ultimately be trued to the value received by employees. Increasingly, equity pay awards are more analogous to commissions …
Licensing And Discipline Of Fiscal Professionals In The State Of Florida: Attorneys, Certified Public Accountants, And Real Estate Professionals, Debra Curtis
Faculty Scholarship
The purpose of this article is to compare the regulation of several professions within the state of Florida. In Florida, attorneys are self-regulated through the Florida Bar. As a branch of the Supreme Court of Florida, The Florida Bar serves as the licensing agency of attorneys within the state. Two other professions--real estate professionals and certified public accountants--in which the public also places fiscal trust and responsibility, are regulated through a different agency, the Department of Business and Professional Regulation. This article seeks to examine and explain the different methods of licensing and regulation between these professional groups and looks …
What Caused Enron? A Capsule Social And Economic History Of The 1990s, John C. Coffee Jr.
What Caused Enron? A Capsule Social And Economic History Of The 1990s, John C. Coffee Jr.
Faculty Scholarship
The sudden explosion of corporate accounting scandals and related financial irregularities that burst over the financial markets between late 2001 and the first half of 2002 e.g., Enron, WorldCom, Tyco, Adelphia, and others-raises an obvious question: why now? What explains the sudden concentration of financial scandals at this moment in time? Much commentary has rounded up the usual suspects and blamed the scandals on a decline in business morality, “infectious greed,” and similar subjective trends that cannot be reliably measured.
Managerial Power And Rent Extraction In The Design Of Executive Compensation, David I. Walker
Managerial Power And Rent Extraction In The Design Of Executive Compensation, David I. Walker
Faculty Scholarship
This paper develops an account of the role and significance of managerial power and rent extraction inexecutive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors that aims to maximize shareholder value. In contrast, the managerial power approach suggests that boards do not operate at arm's length in devising executive compensation arrangements; rather, executives have power to influence their own pay, and they use that power to extract rents. Furthermore, the desire to camouflage rentextraction might lead to the use of inefficient pay …
Deductibility Of Expenses For Child Care And Household Services: New Section 214, Alan L. Feld
Deductibility Of Expenses For Child Care And Household Services: New Section 214, Alan L. Feld
Faculty Scholarship
It is increasingly common to find families composed of husband, wife and young children, where both husband and wife are gainfully employed. For some, this pattern is regarded as preferable to the older "ideal" family, where the husband was the sole breadwinner and the wife cared for the children, performed household chores and perhaps engaged in social or charitable activities. Where both spouses are gainfully employed, it is often necessary for the family to employ household help to care for the children and do the housework. These expenditures are "necessary" to the gainful employment of both spouses in the sense …