tdc1 in Execucomp

[Jieun Lee]

I’ve been working with the tdc1 variable in Execucomp and I’m noticing some discrepancies between data downloaded at different times (2018 and 2021). I’m wondering if something in ExecuComp changed, or if it’s because ExecuComp recalculates the value of stock options, or for another reason.

 

For example, when I compared data downloaded in 2018 (variables with suffix _old) with data downloaded in 2021, it shows different values for some observations. Salary appears to stay the same, but tdc1 for a given year changes for some executives depending on when I downloaded the data. I’ve highlighted a few examples below.

 

gvkey               execid year     tdc1_old         tdc1                 salary_old            salary              exec_fullname

001926            26893  2014    2279.107         2279.107         650                  650                        Thomas E. Ferguson

001926            46685  2014    839.738           839.738           325                  325                        Paul Wesley Fehlman

001926            36055  2015    830.846           718.334           360.591            360.591           Timothy E. Pendley

001926            26893  2015    2330.629         1430.629         690                  690                        Thomas E. Ferguson

001926            46685  2015    884.582           884.582           344.784            344.784           Paul Wesley Fehlman

001926            49612  2015    562.695           452.695           261.375            261.375           Chris M. Bacius

001926            49613  2015    638.682           470.662           272.536            272.536           Tara D. Mackey

 

gvkey               execid year     tdc1_old         tdc1                 salary_old            salary              exec_fullname

001045            46189  2016    4190.982         4190.982         600.936            600.936           Derek J. Kerr

001045            46190  2016    4220.486         4220.486         600.936            600.936           Stephen L. Johnson

001045            46191  2016    11140.763       140.763           0                      0                        William Douglas Parker

001045            46192  2016    9403.369         9403.369         475.625            475.625           J. Scott Kirby

001045            46193  2016    6552.114         3462.114         641.306            641.306           Robert D. Isom, Jr.

001045            51368  2016    4220.275         4220.275         600.936            600.936           Maya Leibman

001045            46189  2017    1316.466         4108.466         616.396            616.396           Derek J. Kerr

001045            46190  2017    1354.196         4146.196         616.396            616.396           Stephen L. Johnson

001045            46191  2017    201.486           18115.486       0                      0                        William Douglas Parker

001045            46193  2017    1830.881         8638.881         710.769            710.769           Robert D. Isom, Jr.

001045            51368  2017    1325.593         4117.593         616.396            616.396           Maya Leibman

 

The percentage of executive-firm-year observations that have different values of tdc1 was about 13%.

 

Could you let me know if there is any change in calculating “tdc1” variable recently? I need to figure out why the changes occurred and how to update my data. 

Best regards,

Jieun