The paper describes it thus

Backdating postage

They will likely be common in the future, but by then, postage stamps will be printed from computers by specialized software. Positive news announcements after grants is consistent with both spring-loading and backdating.

At present, Pitney Bowes postal meters are physically secured by a tamper-evident casing. The graphs below show stock returns around options exercises in which either no acquired shares are sold, shares are sold to the company, or shares are sold to a third party. Such methods have not yet been implemented in Pitney Bowes postal meters.

The date to be printed displays at the top of the screen. Backdating is properly reflected in earnings. For profiles of me, see, e.

Normally if the letter is sent early morning, it would arrive days later. The collective evidence suggests that these practices play a minor role in explaining the aggregate stock returns around grants.

And I have no idea whetherIn any event resources

And I have no idea whether it's his own stamp or a post office one. In any event, resources will be put in place to improve the disclosure requirements for option grants and enforce existing regulations.

No documents have been forged. Such a stamp is known generically as a postal indicium, or postal indicia in the plural. The good news is that it is very difficult to backdate a postage meter, and essentially impossible to do so without detection by the postal authorities. Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options. There is also some relatively early anecdotal evidence of backdating.