Qualcomm Signs On To Private investment Custodian System


This, from the San Diego Union-Tribune: another tech company agrees with Private investment Custodian idea to build a market for derivative instruments designed to mimic a value for employee stock options.

“It’s a great idea that has the potential to bring some integrity to the valuation process,” said William Keitel, Qualcomm’s chief financial officer.

This is important for at least one reason: “integrity” is not a concept that tech firms have brought to the table when discussing stock option compensation. Ever.

As for being a “great idea,” Coca-Cola’s plan to have multiple investment bankers value its stock options as a way around using the Black-Scholes option pricing model was also heralded as a great idea. But don’t forget that Coke scuttled the plan. According to accounting folklore, one of the reasons was that the investment bankers intended to estimate the value of the options using – you guessed it – the Black-Scholes option pricing model. Ultimately, the values derived from such hiring such expensive help would be no different than if the accounting staff plopped their estimates into a spreadsheet designed to do such calculations – so Coke scrapped the idea.

A couple days ago, Mr. Myron Scholes – …

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