Accounting Recognition of Additional Minimum Liability Affects Pension Asset Allocation: Empirical Evidence
AbstractWe identify and test motives for corporate pension asset allocations using a proprietary asset allocation database covering the 1988-1994 period. We focus on the question whether the recognition of additional minimum pension liability in accordance with SFAS No. 87 affects asset allocation. The results indicate that firms allocate their pension assets to avoid the recognition of an additional minimum liability. In particular, firms with a relatively high probability of recognizing an additional minimum liability prefer fixed income investments rather than equity investments.
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Bibliographic InfoPaper provided by Columbia - Graduate School of Business in its series Papers with number 97-11.
Length: 40 pages
Date of creation: 1997
Date of revision:
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Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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Find related papers by JEL classification:
- D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Financing, Investment, and Capacity
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
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