Executives dabbling the occult arts of the Hogwarts School of Finance
The Wall Street Journal recently noticed that executive stock options often seem to be dated and priced just before a leap in stock price. The number-crunchers decided that the odds against this happening on a random basis, for the companies studied, ranged from 800,000 to one to 100 mn to one.It then became clear that at some companies, the options were provably backdated at specific – and, for the executives, highly propitious – dates.How can we explain this, or the fact that all these
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