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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 101 / 352

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© D.L. Crumbley

Most Firms Underreport

They fool around with the assumptions to keep fair value down.

Only about 10% are truth tellers.

Most companies are underreporting volatility.

Only 8 firms did not use Black-Scholes.

Source: L.D. Holder, W. Mayew, M.C. McAnally, and C.D. Weaver, “Employee Stock Option Valuation: How Reliable are Black-Scholes Disclosures,” working papers, March 5, 2004

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