2002 年夏天的一天，一家美国上市公司的股价跌到了一年里的最低点。对这家公司的 CEO 来说，这是个好消息：他那一年的期权，授予日就写在那一天。同样的巧合，在他任内发生过六次。纯靠运气的概率，是三千亿分之一。
一条 1972 年的会计规则，一条能把申报拖上十四个月的证券法，和一个所有人都在发期权的年代，叠在一起，把改一个日期这个动作变成了一门生意。大约两百家美国上市公司为此被联邦调查，或者重述了财报。
最先把它算出来的，是爱荷华的一位教授，用的是任何人都能从证监会网站上免费下载的数据，和严谨的学术分析框架。
参考文献 / References:
一、法院文件 Court Documents
Securities and Exchange Commission v. Affiliated Computer Services, Inc. Complaint. No. 1:10-cv-1515. U.S. District Court for the District of Columbia, filed September 9, 2010.
https://www.sec.gov/files/litigation/complaints/2010/comp21643.pdf
Securities and Exchange Commission v. Gregory L. Reyes, Stephanie Jensen, and Antonio Canova. Complaint. No. C-06-04435. U.S. District Court for the Northern District of California, filed July 20, 2006.
Securities and Exchange Commission v. William W. McGuire, M.D. Complaint. No. 07-CV-4779 (JMR/FLN). U.S. District Court for the District of Minnesota, filed December 6, 2007.
United States v. Reyes, 660 F.3d 454 (9th Cir. 2011).
United States v. Reyes and Jensen, 577 F.3d 1069 (9th Cir. 2009), amended November 5, 2009.
United States v. Reyes. Docket, No. 3:06-cr-00556. U.S. District Court for the Northern District of California.
二、监管与政府文件 Regulatory and Government Documents
Bickley, James M., and Gary Shorter. Stock Options: The Backdating Issue. CRS Report RL33926. Washington, DC: Congressional Research Service, January 2, 2008.
U.S. Attorney's Office, Eastern District of New York. "Jacob 'Kobi' Alexander Sentenced to 30 Months in Prison for Securities Fraud." Press release, February 23, 2017.
U.S. Department of Justice, Office of the Pardon Attorney. "Pardons Granted by President Donald J. Trump (2017-2021)."
U.S. Securities and Exchange Commission. "Affiliated Computer Services, Inc." Litigation Release No. 21643, September 9, 2010.
U.S. Securities and Exchange Commission. "Former United Health Group CEO/Chairman Settles Stock Options Backdating Case for $468 Million." Litigation Release No. 20387, December 6, 2007.
U.S. Securities and Exchange Commission. "Ownership Reports and Trading by Officers, Directors and Principal Security Holders." Release No. 34-46313, August 6, 2002.
三、学术论文 Academic Papers
Heron, Randall A., and Erik Lie. "Does Backdating Explain the Stock Price Pattern around Executive Stock Option Grants?" Journal of Financial Economics 83, no. 2 (February 2007): 271–295.
Heron, Randall A., and Erik Lie. "What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated?" Management Science 55, no. 4 (April 2009): 513–525.
Lie, Erik. "On the Timing of CEO Stock Option Awards." Management Science 51, no. 5 (May 2005): 802–812.
https://doi.org/10.1287/mnsc.1050.0365
Yermack, David. "Good Timing: CEO Stock Option Awards and Company News Announcements." Journal of Finance 52, no. 2 (June 1997): 449–476.
四、新闻报道 News Coverage
Associated Press. "Former Chairman Lay Sold $70 Million of Stock Back to Enron, SEC Filing Shows." February 16, 2002.
Dvorak, Todd. "Educator's Work Exposes Business Scandal." Associated Press, September 20, 2006.
"FASB Pulls Back Rule on Options." The Baltimore Sun, December 15, 1994.
https://www.baltimoresun.com/1994/12/15/fasb-pulls-back-rule-on-options/
Forelle, Charles, and James Bandler. "The Perfect Payday — Some CEOs Reap Millions by Landing Stock Options When They Are Most Valuable; Luck — or Something Else?" The Wall Street Journal, March 18, 2006, A1.
Maremont, Mark. "Authorities Probe Improper Backdating of Options — Practice Allows Executives to Bolster Their Stock Gains; A Highly Beneficial Pattern." The Wall Street Journal, November 11, 2005, A1.
