Locksdating 2016 jelsoft enterprises ltdThis pioneering study was published in the Journal of Finance in 1997, and is definitely worth reading.
The number of shares subject to option was 250,000 and the exercise price was (the trough in the stock price graph below.) Given a year-end price of , the intrinsic value of the options at the end of the year was (-) x 250,000 = ,750,000.
In comparison, had the options been granted at the year-end price when the decision to grant to options actually might have been made, the year-end intrinsic value would have been zero.
Thus, an artificially low exercise price might alter the tax payments for both the company and the option recipient.
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