Cliff Asness on Quant Value Investing
Masters in Business
Stock Options and the Lying Liars Who Don't Want to or Won't Expense Them
There's been this issue forever that stock based compensation, be they options or particularly if they're options are not considered an expense of the company. AQR zone research has disproven the size factor and undermines long term investingor for what is volatility laundering. What's a little sad is we kind of won the battle in that current accounting standards make you expense stock options but plenty of firms still issue kind of pro forma earnings that don't expense them. A lot of Wall Street analysts to their shame in my opinion. They're just not real.
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