Pension Plan Funding And Stock Market Efficiency  

Oleh:

Marin, Jose M. ; Franzoni, Francesco

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 2 (Apr. 2006), page 921-956.
Topik: stock market; business valuation; stock prices; correlation analysis; underfunded pension plans; studies; investment policy; investors
Fulltext: p 921.pdf (261.83KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The paper argues that the market significantly over values firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pension plans for at least 5 years after the first emergence of the underfunding. The lowe returns are not explained by risk, price momentum, earnings momentum or acctuals. Further, the evidence suggests that investors do not anticipate the impact of the pension liability on future earnings, and they are surprised when the negative implications of underfunding ultimately materialize. Finally underfunded firms have poor operating performance and they earn low returns, although they are value companies.

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