Pension Fund Deficits and Stock Market Efficiency: Evidence from the United Kingdom

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
Ian Tonks, Weixi Liu
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引用次数: 4

Abstract

This paper examines the effect of a company’s unfunded pension liabilities on its stock market valuation. Using a sample of UK FTSE350 firms with defined benefit pension schemes, we find that although unfunded pension liabilities reduce the market value of the firm, the coefficient estimates indicate a less than one-for-one effect. Moreover, there is no evidence of significantly negative subsequent abnormal returns for highly underfunded schemes. These results suggests that shareholders do take into consideration the unfunded pension liabilities when valuing the firm, but do not fully incorporate all available information.
养老基金赤字与股票市场效率:来自英国的证据
本文考察了公司无基金养老金负债对股票市场估值的影响。使用英国富时350指数公司的固定收益养老金计划样本,我们发现,尽管无资金准备的养老金负债降低了公司的市场价值,但系数估计表明,一个小于一比一的影响。此外,没有证据表明资金严重不足的计划随后会出现显著的负异常回报。这些结果表明,股东在评估公司时确实考虑了无资金准备的养老金负债,但没有完全纳入所有可用的信息。
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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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
期刊介绍: The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.
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