• <object id="kgdyl"><option id="kgdyl"></option></object>
  • <thead id="kgdyl"><s id="kgdyl"></s></thead>
    <optgroup id="kgdyl"><del id="kgdyl"></del></optgroup>
    <object id="kgdyl"><option id="kgdyl"><small id="kgdyl"></small></option></object>
  • 學術研討會

    S&P Issuer Credit Rating and Understated Pension Liabilities

    時間:2019-07-12

    Finance Seminar2019-23)



    Topic: S&P Issuer Credit Rating and Understated Pension Liabilities

    Speaker: Jun Cai, City University of Hong Kong

    Time: Monday, 22 July, 13:30-15:00

    Location: Room 217, Guanghua Building 2


    Abstract:

    The Employee Retirement Income Security Act (ERISA) requires that the interest rate used to calculate the present value of firms' pension plan liabilities be based on 30-year Treasury bonds. The Financial Accounting Standard Board statement SFAS 87 suggests employers may also look to rates of return on high-quality fixed-income investments for financial reporting purposes. Firms have considerable latitude in choosing their pension discount rates. They often choose discount rates that are above the benchmark interest rates resulting in lower reported pension liabilities. We assess the magnitude of understated pension liabilities and relate them to S&P issuer credit ratings. We find understated pension liabilities have significant incremental explanatory power after taking into account standard control variables and other pension information such as funded status and mandatory contributions.


    Introduction

    Dr. Cai Jun is an associate professor of Finance at Department of Economics and Finance, City University of Hong Kong. He received a Ph.D. in Finance from the Northwestern University. His research interests include asset pricing, time-series analysis, and Japanese capital market. He has published Journal of Business and Economic Statistics, Review of Financial Studies, Pacific-Basin Finance Journal, Journal of Futures Markets, Journal of Empirical Finance, Journal of Banking and Finance, China Economic Review, Asia-Pacific Journal of Financial Studies, and Journal of Financial Markets.

    http://www.cb.cityu.edu.hk/staff/efjuncai


    Your participation is warmly welcomed!

    分享

    ?2017 北京大學光華管理學院 版權所有    京ICP備05065075-1

    秒速赛车大小规律