کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5103599 1480437 2017 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Persistence in the long-run expected rate of return for corporate pension plans
ترجمه فارسی عنوان
پایداری در انتظارات دراز مدت برای برنامه های بازنشستگی شرکت ها
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Firms that sponsor a defined benefit pension plan are suspected of managing earnings through the choice of the expected long-run rate of return to pension assets. However, data on this rate show it to be quite persistent with more than 50% of firms leaving their ERR unchanged from one year to the next. To capture this persistence, I model the rate using a first-order autoregression. Asset allocation information is included in the model. Endogeneity bias is addressed by estimating the dynamic panel data model using a system GMM estimator. No evidence of earnings management, measured by the relative size of the pension plan to net income and by acquisition activity, was found.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 63, February 2017, Pages 271-277
نویسندگان
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