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Suggested Reading Matter
As far as deep research is the basis of our investment strategy,
for Dynamo study is an essential daily tool.
Solely with the intent of sharing our curiosity on topics that are
of such interest to us, we use this space to periodically recommend
some selected reading material. As a rule, these suggestions are
accompanied by a brief commentary on the text.
References - Report nº 55 and 56
 Suggests that financial markets can be viewed as Complex Adaptive Systems.
References - Report nº 51
The Offer and the Aroma
References - Reports nºs 49 and 50
Going Public
References - Reports nºs 46, 47 and 48
Fire and Iron
References - Reports nºs 44 and 45
Behavioral Finance
References - Reports nºs 41 and 42
Stock Options
About characteristics and problems
Abowd, J. e Kaplan, D. Executive Compensation: Six Questions That Need Answering.
Cornell University, abril 1999.
Murphy, K. Executive Compensation. Marshall School of Business.
University of Southern California, junho 1999.
Hall, B.e Murphy, K. Stock Options for Undiversified Executvies. NBER.
Working Paper n. 8052, dezembro 2000.
Brian, H. What You Need to Know About Stock Options.
Harvard Business Review on Compensation. Harvard Business School Press, 2001.
Hall, B.e Knox, T. Managing Option Fragility. NBER. Working Paper n. 9059, julho 2002.
Hall, B.e Murphy, K. The Trouble with Stock Options. NBER.
Working Paper n. 9784, junho, 2003.
Hall, B. Six Challenges in Designing Equity-Based Pay. NBER.
Working Paper n. 9887, julho 2003.
Oyer, P. Schaefer, S. Compensation Employees Below the Executive Ranks:
A Comparision of Options, Restricted Stock, and Cash. NBER.
Working Paper n. 10221, janeiro 2004.
Oyer, P. Schaefer, S. Why Do Some Firms Give Stock Options to All Employees?
An Empirical Examination of Alternative Theories.
NBER. Working Paper n. 10222, janeiro 2004.
Stock Options
About accounting issues:
Greenspan, Alan. Stock Option and Related Matters.
Remarks by Chairman Alan Greespan. The Federal Reserve Board, maio, 2002.
Stock option Expense: What to do now? Perspective.
Mercer Human Resource Consulting, ago, 2002.
Michel, N., Garwood, P. Expensing Employee Stock Options: Lifting the Fog.
A Report of the Heritage Center for Data Analysis, out. 2002.
Proposed Statement of Financial Accounting Standards: Share-Based Payment.
FASB, Financial Accounting Series, n. 1102-100, março, 2004.
New US Stock Compensation Accounting Standard Proposed. Perspective.
Mercer Human Resource Consulting, abril, 2004.
Expensing Stock Option: Can FASB Prevail? Knowledge Wharton, abril, 2004.
About the two approaches
Murphy, K. Explaining Executive Compensation: Managerial Power vs. the Perceived Cost of Stock Option. University of Chicago Law Review, 2002.
Bebchuk, L. e Fried, Jesse. Executive Compensation as an Agency Problem.
Harvard Law School, Discussion Paper n. 421, Cambridge, junho 2003.
About corporate governance issues
Lambert, R., Lanen, William e Larcker, D. Executive Stock Option Plans and Corporate Dividend Policy. Journal of financial and Quantitative Analysis, vol. 24, n. 4, dezembro 1989.
Yermack, D. Good Timing: CEO Stock Option Awards and Company News Announcements. Journal of Finance 52, 1997.
Bartov, E., Krinsky, I e Lee, J. Some Evidence on how Companies Choose between Dividens and Stock Repurchases. Journal of Applied Corporate Finance, 11, 1998.
Core, J., Holthausen R. e Larcker, D. Corporate Governance, CEO Compensation, and Firm Performance, Journal of Financial Economics 51, 371-406, 1999.
Schizer, D. Executives and Hedging: The Fragile Legal Foundations of Incentive
Compatibility, Columbia Law Review, 100, 2000.
Pearl Meyers & Partners. Executive Pay Trends: Looking Forward and Looking Back. 2002.
Berkeshire and Wesco Annual Meetings. Outstanding Investor Digest,
Vol. XVIII n. 3 & 4, 2003.
Crystal, G. The Perfect stock Option Plan. Prepared for The California State Teachers´ Retirement System, 2003.
Breeden, Richard. Restoring Trust. Report the US District Court on Corporate Governance
for the Future of MCI, Inc., agosto, 2003.
Manuals and Surveys
Baker, A. The Stock Options Book. The National Center of Employee
Ownership,
Oakland, California, 2002.
Weeden, R. et al. Current Practices in Stock Option Plan Design. The National Center of Employee
Ownership, Oakland, California, 2001.
Pendleton, A. et al. Thoretical Study on Stock Options in Small and Medium Enterprises.
Final Report to the Enterprise-Directorate General, Commission of the European Communities, outubro 2002.
Core, J., Guay, W. e Larcker, D. Executive Equity Compensation and Incentives:
A Survey FRBNY Economic Policy Review - Forthcoming.
Suggested Reading Matter
A Traitor to his Class: Robert A.G. Monks ahd the Battle
to Change the Corporate America
Hilary Rosenberg
John
Wiley & Sons
A fluent and engaging report, this book is the story of Robert
A.G. Monks, the precursor
of the movement for improved corporate governance standards in
the US. Monks’ activism merges with his professional
biography, a life always aimed at transforming US corporate
life into a true capital democracy. By the time of definitions
of the Brazilian capital market, this book becomes relevant
and opportune.
The Essential Buffett: Timeless Principles for the New Economy
Robert G. Hagstorm
John Wiley & Sons - 2001
An objective and academic discussion of the classical
principles of Warren Buffett’s investment philosophy,
presenting the arguments with a series of successful case
studies.
By juxtaposing traditional Graham-Fisher-Munger concepts with
Buffett’s management experiences at Berkshire Hathaway, this
book is unquestionably one of the most interesting
of the huge range of literature on this topic.
O Valor das Empresas (The Value of the Companies)
Graciano Sá
Editora Expressão e Cultura - 2001
A courageous foray into investigating the topic of determining
the value of companies
from a multidisciplinary point of view. Political,
sociological, legal, financial, and accounting aspects of this
matter are examined in detail and always documented by
abundant academic and journalistic material. The result is a
profound manual that approaches the dynamic and complex
environment of the firms with an unusually high degree of
analytical rigor.
(In Portuguese).
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