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Further Evidence on the Relation Bet...

Xiao, Wen.

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Further Evidence on the Relation Between Pension Plan Accounting and Firm Value: A Time-Series Analysis.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Further Evidence on the Relation Between Pension Plan Accounting and Firm Value: A Time-Series Analysis./
作者:	Xiao, Wen.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
面頁冊數:	37 p.
附註:	Source: Masters Abstracts International, Volume: 56-04.
Contained By:	Masters Abstracts International56-04(E).
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10266695
ISBN:	9781369816624

Further Evidence on the Relation Between Pension Plan Accounting and Firm Value: A Time-Series Analysis.
Xiao, Wen.

Further Evidence on the Relation Between Pension Plan Accounting and Firm Value: A Time-Series Analysis. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 37 p.

Source: Masters Abstracts International, Volume: 56-04.

Thesis (M.S.)--University of Massachusetts Boston, 2017.

This paper studies the impact of pension accounting on firm value. Our work is based on the published article "Footnotes aren't enough: the impact of pension accounting on stock values" by Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt (CORONADO [2008]) which examines the measures of pension accounting embedded in the financial statements from 1993-2005. They conclude that "Investors continue to misvalue defined benefit (DB) pensions that induce sizable valuation errors in the stock of many companies" (CORONADO [2008]). We extend this study by investigating the impact of defined benefit plan on companies' stock prices from 2006 to 2015. During 2006 to 2015, Financial Accounting Standard require employer provide more information about their DB pension fund, such as pension fund status and pension net assets, we hope to find out whether pension accounting improve based on new standards. We find that stock prices reflect economic value of net pension assets instead of pension accruals after 2006. Our results are more consistent with the "transparent model" of pension valuation since 2006, which implies that the evolution of pension accounting standards in the past decade have improved investors' evaluation of the defined pension benefit plan and firm value.

ISBN: 9781369816624Subjects--Topical Terms:

557516
Accounting.

Further Evidence on the Relation Between Pension Plan Accounting and Firm Value: A Time-Series Analysis.
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520 $a This paper studies the impact of pension accounting on firm value. Our work is based on the published article "Footnotes aren't enough: the impact of pension accounting on stock values" by Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt (CORONADO [2008]) which examines the measures of pension accounting embedded in the financial statements from 1993-2005. They conclude that "Investors continue to misvalue defined benefit (DB) pensions that induce sizable valuation errors in the stock of many companies" (CORONADO [2008]). We extend this study by investigating the impact of defined benefit plan on companies' stock prices from 2006 to 2015. During 2006 to 2015, Financial Accounting Standard require employer provide more information about their DB pension fund, such as pension fund status and pension net assets, we hope to find out whether pension accounting improve based on new standards. We find that stock prices reflect economic value of net pension assets instead of pension accruals after 2006. Our results are more consistent with the "transparent model" of pension valuation since 2006, which implies that the evolution of pension accounting standards in the past decade have improved investors' evaluation of the defined pension benefit plan and firm value.
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