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The impact of pension assumptions on...
~
Brown, Stephen.
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The impact of pension assumptions on firm valuation.
紀錄類型:
書目-語言資料,印刷品 : Monograph/item
正題名/作者:
The impact of pension assumptions on firm valuation./
作者:
Brown, Stephen.
面頁冊數:
149 p.
附註:
Adviser: Robert P. Magee.
Contained By:
Dissertation Abstracts International62-04A.
標題:
Business Administration, Accounting. -
電子資源:
http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3011959
ISBN:
0493220984
The impact of pension assumptions on firm valuation.
Brown, Stephen.
The impact of pension assumptions on firm valuation.
- 149 p.
Adviser: Robert P. Magee.
Thesis (Ph.D.)--Northwestern University, 2001.
This study examines the association between disclosed accounting numbers and firm market value while incorporating the effect of managerial discretion on these numbers. In particular, the study focuses on the assumptions used to compute the firm's pension liabilities and costs. I find two general forces influence managers' choice of the assumptions: (1) economic factors arising from the firm's operating environment and (2) reporting incentives associated with contracting considerations. The market appears to be aware of both forces and, conditional on the accounting numbers disclosed, values the firm accordingly. That is, where reporting incentives induce managers to choose obligation-reducing (or income-increasing) assumptions, the market places a lower value on the firm. These findings suggest that the market is able to identify when assumptions are being used that are not justified by the firm's operating environment and discounts the effect of those assumptions on the disclosed accounting numbers.
ISBN: 0493220984Subjects--Topical Terms:
1020666
Business Administration, Accounting.
The impact of pension assumptions on firm valuation.
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This study examines the association between disclosed accounting numbers and firm market value while incorporating the effect of managerial discretion on these numbers. In particular, the study focuses on the assumptions used to compute the firm's pension liabilities and costs. I find two general forces influence managers' choice of the assumptions: (1) economic factors arising from the firm's operating environment and (2) reporting incentives associated with contracting considerations. The market appears to be aware of both forces and, conditional on the accounting numbers disclosed, values the firm accordingly. That is, where reporting incentives induce managers to choose obligation-reducing (or income-increasing) assumptions, the market places a lower value on the firm. These findings suggest that the market is able to identify when assumptions are being used that are not justified by the firm's operating environment and discounts the effect of those assumptions on the disclosed accounting numbers.
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