| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1602 |
| 来源ID | Working Paper 1602 |
| How Does the Market Value Unfunded Pension Liabilities? | |
| Jeremy I. Bulow; Randall Morck; Lawrence H. Summers | |
| 发表日期 | 1985-04-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value using standard cross sectional techniques. A modified cross sectional approach which alleviates some of these doubts, and a variable effect event study methodology which alleviates most of them are both employed to investigate the issues raised in the first part of the paper. Our conclusion confirms those of earlier studies that unfunded pension liabilities are accurately reflected in lower share prices. |
| URL | https://www.nber.org/papers/w1602 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558843 |
| 推荐引用方式 GB/T 7714 | Jeremy I. Bulow,Randall Morck,Lawrence H. Summers. How Does the Market Value Unfunded Pension Liabilities?. 1985. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1602.pdf（606KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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