养老金的风险承担与崩溃：公司层面的证据

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2023-10-02 DOI:10.1111/irfi.12434

Heejin Park, Jung-Hee Noh

{"title":"养老金的风险承担与崩溃：公司层面的证据","authors":"Heejin Park, Jung-Hee Noh","doi":"10.1111/irfi.12434","DOIUrl":null,"url":null,"abstract":"<p>Our study, using a large sample of U.S. firms between 1990 and 2013, found a positive association between pension risk-taking and future stock price crash risk. The impact of pension risk-taking on future crash risk is particularly significant in firms with low funding ratios and high default risks. Overall, our findings provide robust evidence that risk-taking in defined benefit (DB) pension asset management can predict future crash risk. Our study offers valuable insights for stakeholders and shareholders in evaluating firms with DB pension plans and for policymakers in protecting workers' retirement benefits and shareholder wealth.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 3","pages":"546-556"},"PeriodicalIF":1.8000,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Risk-taking in pension and crashes: Firm-level evidence\",\"authors\":\"Heejin Park, Jung-Hee Noh\",\"doi\":\"10.1111/irfi.12434\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Our study, using a large sample of U.S. firms between 1990 and 2013, found a positive association between pension risk-taking and future stock price crash risk. The impact of pension risk-taking on future crash risk is particularly significant in firms with low funding ratios and high default risks. Overall, our findings provide robust evidence that risk-taking in defined benefit (DB) pension asset management can predict future crash risk. Our study offers valuable insights for stakeholders and shareholders in evaluating firms with DB pension plans and for policymakers in protecting workers' retirement benefits and shareholder wealth.</p>\",\"PeriodicalId\":46664,\"journal\":{\"name\":\"International Review of Finance\",\"volume\":\"24 3\",\"pages\":\"546-556\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2023-10-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/irfi.12434\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/irfi.12434","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们的研究使用了 1990 年至 2013 年间的大量美国公司样本，发现养老金风险承担与未来股价暴跌风险之间存在正相关。养老金风险承担对未来股价暴跌风险的影响在资金比率低、违约风险高的企业中尤为显著。总体而言，我们的研究结果提供了强有力的证据，证明在固定收益（DB）养老金资产管理中的风险承担可以预测未来的股价暴跌风险。我们的研究为利益相关者和股东评估具有 DB 养老金计划的公司以及政策制定者保护工人的退休福利和股东财富提供了有价值的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Risk-taking in pension and crashes: Firm-level evidence

Our study, using a large sample of U.S. firms between 1990 and 2013, found a positive association between pension risk-taking and future stock price crash risk. The impact of pension risk-taking on future crash risk is particularly significant in firms with low funding ratios and high default risks. Overall, our findings provide robust evidence that risk-taking in defined benefit (DB) pension asset management can predict future crash risk. Our study offers valuable insights for stakeholders and shareholders in evaluating firms with DB pension plans and for policymakers in protecting workers' retirement benefits and shareholder wealth.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.