An examination of potential backdating of executive share option grants in South Africa

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dc.contributor.advisorHolman, Glenen_ZA
dc.contributor.authorZheng, Fulingen_ZA
dc.date.accessioned2016-05-04T07:48:11Z
dc.date.available2016-05-04T07:48:11Z
dc.date.issued2007en_ZA
dc.descriptionIncludes bibliographical references (pages 72-77).en_ZA
dc.description.abstractThis study investigates whether executives backdate share option grants to their advantage in South Africa. Using data of 175 option grants to executives among the 41 top companies in South Africa between 2001 and 2006, a pattern of negative cumulative abnormal stock returns before the grant dates but positive and increasing returns thereafter is observed. This pattern is much more pronounced for unscheduled grants. Statistical testing shows the mean cumulative abnormal returns are significantly different from zero after the grant date, but are not significantly different from zero before the grant date. The mean differences in average cumulative abnormal stock returns between pre- and post- grant periods are significantly different. The results suggest that some opportunistic behavior might have taken place around the executive option grants, including backdating.en_ZA
dc.identifier.apacitationZheng, F. (2007). <i>An examination of potential backdating of executive share option grants in South Africa</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/19385en_ZA
dc.identifier.chicagocitationZheng, Fuling. <i>"An examination of potential backdating of executive share option grants in South Africa."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2007. http://hdl.handle.net/11427/19385en_ZA
dc.identifier.citationZheng, F. 2007. An examination of potential backdating of executive share option grants in South Africa. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Zheng, Fuling AB - This study investigates whether executives backdate share option grants to their advantage in South Africa. Using data of 175 option grants to executives among the 41 top companies in South Africa between 2001 and 2006, a pattern of negative cumulative abnormal stock returns before the grant dates but positive and increasing returns thereafter is observed. This pattern is much more pronounced for unscheduled grants. Statistical testing shows the mean cumulative abnormal returns are significantly different from zero after the grant date, but are not significantly different from zero before the grant date. The mean differences in average cumulative abnormal stock returns between pre- and post- grant periods are significantly different. The results suggest that some opportunistic behavior might have taken place around the executive option grants, including backdating. DA - 2007 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2007 T1 - An examination of potential backdating of executive share option grants in South Africa TI - An examination of potential backdating of executive share option grants in South Africa UR - http://hdl.handle.net/11427/19385 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/19385
dc.identifier.vancouvercitationZheng F. An examination of potential backdating of executive share option grants in South Africa. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2007 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/19385en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial Managementen_ZA
dc.titleAn examination of potential backdating of executive share option grants in South Africaen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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