NO.PZ202304050100005801
问题如下：
(1) Which of the following statements regarding the first proposed change for the LTIP is most accurate? The proposed change will:
选项：
A.increase the incentive for management to intervene in the external financial reporting process.
result in the expense being recognized at the end of the service period when the performance metrics become known.
no longer require the use of an option pricing model to value the compensation expense.
解释：
The change requires certain metrics to be met before the option can be exercised and therefore introduces the potential for management to select accounting policies or estimates that may increase the metric and hence increase their compensation. The change does not alter the fact that the compensation is based on the option’s value, thereby necessitating the use of an option pricing model. The expense is to be recognized over the estimated service period.
老师，您好！
麻烦详细解释一下这个题吧。另外，对于A选项，risk-free rate 下降，且volatility也下降，根据BSM模型，不都意味着call option的价值下降吗？
