How Does the Market Value Healthcare Liabilities?

Natalia Aranco, Rodrigo Lluberas
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Abstract

The aim of this paper is to analyze the effect of medical health benefits liabilities on firms' share prices. First, we find that investors tend to over-react to healthcare obligations, with a one percent increment in healthcare liabilities leading to a more than one per cent decline in the market value of firms' equity. Secondly, as real market values cannot be measured without error, differences between market and firms' own valuations are to be expected. For healthcare obligations, however, the particular set of assumptions used in their estimation could intensify this disparity. To test this possibility, we try to measure the degree of market reliability in financial information provided by companies in their balance sheet. We find evidence to support the fact that other post-retirement employee benefits (OPEB) estimations are not as reliable as accounting measures for pension.
市场如何评估医疗负债?
本文的目的是分析医疗健康福利负债对企业股价的影响。首先,我们发现投资者倾向于对医疗保健义务做出过度反应,医疗保健负债每增加1%,就会导致公司股权市值下降1%以上。其次,由于真实市场价值的测量不可能没有误差,市场和企业自身估值之间的差异是可以预料到的。然而,对于医疗保健义务,他们在估算中使用的一组特定假设可能会加剧这种差距。为了检验这种可能性,我们试图衡量公司在其资产负债表中提供的财务信息的市场可靠性程度。我们发现证据支持这样一个事实,即其他退休后员工福利(OPEB)估计不像养老金会计措施那样可靠。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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