{"title":"英国股市对养老金计划的终止有何反应?","authors":"Jonathan Gardner, G. Pang, Qiqi Zou","doi":"10.2139/ssrn.2469209","DOIUrl":null,"url":null,"abstract":"We study market reactions to the announcement of a company closing their defined benefit pension plan in the UK to future accrual. For a sample of 48 plan closures, observed between 2006 and 2013, the empirical tests show a relatively muted market reaction on average. Although estimated returns are larger for firms for whom the pension plan poses higher-risk, we are unable to reject the hypothesis that returns are not statistically different from zero.","PeriodicalId":227461,"journal":{"name":"Willis Towers Watson Technical Research Paper Series","volume":"38 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2014-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"How Does the Stock Market React to the Closure of a Pension Plan in the UK?\",\"authors\":\"Jonathan Gardner, G. Pang, Qiqi Zou\",\"doi\":\"10.2139/ssrn.2469209\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study market reactions to the announcement of a company closing their defined benefit pension plan in the UK to future accrual. For a sample of 48 plan closures, observed between 2006 and 2013, the empirical tests show a relatively muted market reaction on average. Although estimated returns are larger for firms for whom the pension plan poses higher-risk, we are unable to reject the hypothesis that returns are not statistically different from zero.\",\"PeriodicalId\":227461,\"journal\":{\"name\":\"Willis Towers Watson Technical Research Paper Series\",\"volume\":\"38 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2014-06-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Willis Towers Watson Technical Research Paper Series\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2469209\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Willis Towers Watson Technical Research Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2469209","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
How Does the Stock Market React to the Closure of a Pension Plan in the UK?
We study market reactions to the announcement of a company closing their defined benefit pension plan in the UK to future accrual. For a sample of 48 plan closures, observed between 2006 and 2013, the empirical tests show a relatively muted market reaction on average. Although estimated returns are larger for firms for whom the pension plan poses higher-risk, we are unable to reject the hypothesis that returns are not statistically different from zero.
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