A comprehensive guide to understanding the implications andapplications of valuing employee stock options in light of the new FAS 123 requirements
Due to the new requirements of the Proposed Statement of Financial Accounting Standards (FAS 123) released by the Financial Accounting Standards Board (FASB)-namely the fact that employee servicesreceived in exchange for equity instruments be recognized infinancial statements-companies are now scrambling to learn how tovalue and expense employee stock options (ESOs). Based on author Dr. Johnathan Mun’s consulting and advisory work with the FASBconsulting projects with several Fortune 500 firms, Valuing Employee Stock Options provides readers with a comprehensive lookat this complex issue.
Filled with valuable information on binomial lattice andclosed-form modeling techniques, Valuing Employee Stock Options canhelp financial professionals make informed decisions whenattempting to ascertain the fair-market value of ESOs under the newrequirements.
Johnathan Mun, Ph D, MBA, MS, CFC, FRM (San Francisco, CA), is Vice President of Analytical Services at Decisioneering, Inc., themakers of Crystal Ball analytical software. He is also the authorof Applied Risk Analysis (0-471-47885-7), Real Options Analysis(0-471-25696-X), and Real Options Analysis Course (0-471-43001-3), all of which are published by Wiley.
Cuprins
List of Figures and Tables.
Preface.
Acknowledgments.
About the Author.
PART ONE: IMPACTS OF THE NEW FAS 123 METHODOLOGY.
Chapter 1. Implications of the New FAS 123 Requirements.
Chapter 2. The 2004 Proposed FAS 123 Requirements.
Chapter 3. Impact on Valuation.
Chapter 4. Haircuts on Nonmarketability, Modified Black-Scholeswith Expected Life, and Dilution.
Chapter 5. Applicability of Monte Carlo Simulation.
Chapter 6. Expense Attribution Schedule.
PART TWO: TECHNICAL BACKGROUND OF THE BINOMIAL LATTICE ANDBLACK-SCHOLES MODELS.
Chapter 7. Brief Technical Background.
Chapter 8. Binomial Lattices in Technical Detail.
Chapter 9. The Model Inputs.
PART THREE: A SAMPLE CASE STUDY APPLYING FAS.
Chapter 10. A Sample Case Study.
PART FOUR: OPTIONS VALUATION RESULTS TABLES.
Appendix: Getting Started with the Options Valuation Results Tables.
Glossary.
Notes.
About the CD-ROM.
Index.
Despre autor
JOHNATHAN MUN is Vice President of Analytical Services at Decisioneering, Inc., the makers of Crystal Ball® analyticalsoftware. His duties focus primarily on heading up the developmentof real options and financial analytics software powered by Crystal Ball. Prior to joining Decisioneering, he was a consulting managerand financial economist in the Valuation Services and Global Financial Services practice of KPMG Consulting, and a manager withthe Economic Consulting Services practice at KPMG LLP. He holds a Ph D in finance and economics, and an MBA and MS in management. Munis also certified in financial risk management and in financialconsulting. He is currently a visiting professor in finance, economics, and statistics at various universities, including the University of Applied Sciences (Germany), the Swiss School of Management (Switzerland), and Golden Gate University (California).Mun is the author of Applied Risk Analysis, Real Options Analysis, and Real Options Analysis Course, all published by Wiley. Hecontinues to offer worldwide seminars and lectures on the topics ofreal options, simulation and risk analysis, and corporate finance.
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