New York (Nov. 25, 2002) -- The recent move by a number of companies to include option expenses on their income statements has had no impact on their share price performance, according to a new report.

The Towers Perrin study looked at stock price reactions for 103 companies that announced in July and August that they plan to expense options in their income statements. The consulting firm tracked their share price during the 60 trading days before and 60 trading days after company declarations, and found that share price performance during the period was the same, on average, as the S&P 500.

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