Panel C: Discretionary fair value per option and accuracy of option value between mandatory and voluntary firms during pre and post expensing periods. Adoption year Adoption year Adoption Adoption year Adoption year Voluntary group year +1 +2 Mean of Fair Value Reported_FV 11.58 8.44 11.89 11.14 11.34 Predicted_FV 11.33 8.42 11.98 11.06 11.25 Discretionary_FV 0.251 0.019 -0.085 0.075 0.093 change_FV as percentage 1.86% 0.31% -2.60% 0.82% 0.88% Ex_Post_FV 9.34 6.58 9.85 8.2 8.69 Accuracy -1.99 -1.84 -2.13 -2.9 -2.56 Accuracy as a percentage -8.34% -10.50% -11.80% -13.10% -12.06% 81 81 81 81 81 Adoption year Adoption year Adoption Adoption year Adoption year Mandatory group -2 -1 year +1 +2 Mean of Fair Value Reported_FV 13.25 10.83 11.15 9.33 13.83 Predicted_FV 13.2 10.69 11.21 9.36 13.87 Discretionary_FV 0.054 0.138 -0.062 -0.028 -0.045 change_FV as a percentage 0.87% 1.59% -0.88% -0.24% -0.11% Ex_Post_FV 12.19 9.61 10.22 8.51 13.19 Accuracy -1.01 -1.08 -0.99 -0.85 -0.65 Accuracy as a percentage -4.05% -3.80% -3.85% -2.94% -1.88% n 159 159 159 159 159
Panel C: Discretionary fair value per option and accuracy of option value between mandatory and voluntary firms during pre and post expensing periods. Voluntary group Adoption year Adoption year Adoption year Adoption year +1 Adoption year +2 Mean of Fair Value Reported_FV 11.58 8.44 11.89 11.14 11.34 Predicted_FV 11.33 8.42 11.98 11.06 11.25 Discretionary_FV 0.251 0.019 -0.085 0.075 0.093 change_FV as percentage 1.86% 0.31% -2.60% 0.82% 0.88% Ex_Post_FV 9.34 6.58 9.85 8.2 8.69 Accuracy -1.99 -1.84 -2.13 -2.9 -2.56 Accuracy as a percentage -8.34% -10.50% -11.80% -13.10% -12.06% 81 81 81 81 81 Mandatory group Adoption year -2 Adoption year -1 Adoption year Adoption year +1 Adoption year +2 Mean of Fair Value Reported_FV 13.25 10.83 11.15 9.33 13.83 Predicted_FV 13.2 10.69 11.21 9.36 13.87 Discretionary_FV 0.054 0.138 -0.062 -0.028 -0.045 change_FV as a percentage 0.87% 1.59% -0.88% -0.24% -0.11% Ex_Post_FV 12.19 9.61 10.22 8.51 13.19 Accuracy -1.01 -1.08 -0.99 -0.85 -0.65 Accuracy as a percentage -4.05% -3.80% -3.85% -2.94% -1.88% n 159 159 159 159 159