{"title":"How Does the Market Value Severance Liabilities? Lessons from Italy","authors":"M. Cardinale, J. Orszag","doi":"10.2139/ssrn.892766","DOIUrl":null,"url":null,"abstract":"Using accounting data from just over 100 Italian companies we construct various measures of exposure to severance pay. We then examine how these measures are related to subsequent market measures of risk. We find little relationship between corporate Italian severance pay exposure and either beta or measured volatility. We also examine the effect of credit status on severance pay exposures.","PeriodicalId":227461,"journal":{"name":"Willis Towers Watson Technical Research Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Willis Towers Watson Technical Research Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.892766","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
Using accounting data from just over 100 Italian companies we construct various measures of exposure to severance pay. We then examine how these measures are related to subsequent market measures of risk. We find little relationship between corporate Italian severance pay exposure and either beta or measured volatility. We also examine the effect of credit status on severance pay exposures.