Real Investment Implications of Employee Stock Option Exercises

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Errors in Estimating Share Repurchases (2008, unknown): “Kahle (2002) and Bens et al. (2003) find that firms with high option use often issue and repurchase shares simultaneously, so errors caused by repurchases overlapping with share distributions are greater for these firms.”
The effects of financial reporting and disclosure on corporate investment: A review (2019, background): “23 Consistent with this argument, Bens et al. (2002) find that firm-years characterized by employee stock option exercises report unusually low R&D and capital expenditures, and unusually high stock repurchases.”
Earnings Management Through Real Activities Manipulation (2006, unknown): “2See Baber et al. (1991), Dechow and Sloan (1991), Bartov (1993), Bushee (1998), Bens et al. (2002) and Bens et al. (2003).”
The Real Effects of Real Earnings Management: Evidence from Innovation (2018, background): “…measured using patent data, we are able to study the subsequent 2 A number of studies examine the role of managerial intervention on the level of R&D expenditures, including Baber et al. (1991), Dechow and Sloan (1991), Bushee (1998), Bens et al. (2002), Cheng (2004), and Kothari et al. (2016).”
The Effect of Mandatory IFRS Adoption on Real and Accrual-Based Earnings Management Activities (2014, unknown): “Results of earlier studies (Thomas and Zhang, 2002; Baber et al., 1991; Bens et al., 2002) indicate that managers overproduce to decrease cost of goods sold”