Compensation Strategies Group, Ltd.
Nicholas Pension Consultants
Nova 401(k) Associates
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|Employee Stock Options, Corporate Taxes and Debt Policy|
John R. Graham, Mark H. Lang, Douglas A. Shackelford, published by the National Bureau of Economic Research
Oct. 18, 2002
Working paper; available from SSRN.com for $5. Excerpt: 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.... [O]ption deductions are important nondebt tax shields that can affect corporate policies.
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