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- W3124206883 abstract "We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, including the effect of options reduces the estimated median marginal tax rate from 31% to 5%. For S&P firms, in contrast, option deductions do not affect marginal tax rates to a large degree. Our evidence suggests that option deductions are important nondebt tax shields and that option deductions substitute for interest deductions in corporate capital structure decisions, explaining in part why some firms use so little debt. THIS PAPER EXPLORES the corporate tax implications of compensating employees with nonqualified stock options. Corporations deduct the difference between current market and strike prices when an employee exercises a nonqualified stock option. For option-intensive companies with rising stock prices, this deduction can be very large. We focus on the effects of options on the year 2000 marginal tax rates (MTRs) for Nasdaq 100 and S&P 100 firms and the implications for debt policy. 1 Understanding the tax implications of options is increasingly important because the proportion of compensation paid in stock options has soared in recent years. A perspective on the magnitude of options compensation and its increase over time can be gained from papers like the one by Desai (2002), who reports that in 2000 the top five officers of the 150 largest U.S. firms received options with grant values exceeding $16 billion, which he estimates is a tenfold increase over the decade. He estimates that proceeds from option exercises averaged 29% of operating cash flows in 2000, up from 10% in 1996. In addition," @default.
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- W3124206883 date "2004-08-01" @default.
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- W3124206883 title "Employee Stock Options, Corporate Taxes, and Debt Policy" @default.
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- W3124206883 doi "https://doi.org/10.1111/j.1540-6261.2004.00673.x" @default.
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