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Accounting Recognition of Additional Minimum Liability Affects Pension Asset Allocation: Empirical Evidence


  • Amir, E.
  • Benartzi, S.


We 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.

Suggested Citation

  • Amir, E. & Benartzi, S., 1997. "Accounting Recognition of Additional Minimum Liability Affects Pension Asset Allocation: Empirical Evidence," Papers 97-11, Columbia - Graduate School of Business.
  • Handle: RePEc:fth:colubu:97-11

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    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors


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