[单项选择]

During the past 15 years, the most important component of executive pay packages, and the one .most responsible for the large increase in the level of such compensation, has been stock-option grants. The increased use of option grants was justified as a way to align executives’ interests with shareholders’. For various tax, accounting, and regulatory reasons, stock-option grants have largely comprised "at-the-money options": rights to purchase shares at an "exercise price" equal to the company’s stock price on the grant date. In such at-the-money options, the selection of the grant date for awarding options determines the options’ exercise price and thus can have a significant effect on their value.
Earlier research by financial economists on backdating practices focused on the extent to which the company’s stock price went up abnormally after the grant date, My colleagues and I focused instead on how a grant-date’s
A. how the company’s stock price went up after the grant date.
B. how stock price distribution influence the rank of granted price.
C. how backdating practices influence the value of stock shares.
D. how the granted price ranked in the month of the grant.

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