The paper predicted in 1999 that the growth rates of technology companies was overstated. Once the executives of these companies would exercise their stock options, the blending of primary and diluted EPS would lower the estimated growth rates. Valuations would subsequently get adjusted (downwards) by the market. This happened over the 2000-2003 bear market. A similar adjustment is now used in the Returnfinder Total Returns app algorithm, which provides dual returns for the ticker entered.
Goldsticker, Ralph and Agrrawal, Pankaj, "The Effects of Blending Primary and Diluted EPS Data" (1999). Finance Faculty Scholarship. 3.
pre-print (i.e. pre-refereeing)