Corporate executives are still manipulating stock options, say researchers at the University of Michigan's Ross School of Business.

Finance professors M.P. Narayanan and H. Nejat Seyhun analyzed data on all option grants by officers and directors of publicly traded firms between Jan. 1, 2000, and Aug. 31, 2004. Their findings reveal that nearly a quarter of the 569,000 option grants reported to the Securities and Exchange Commission by insiders after Sarbanes-Oxley regulations went into effect Aug. 29, 2002, were reported late, with 10 percent of the grants being reported more than one month after the required date.

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