Why do healthy firms freeze their defined-benefit pension plans?

被引：13

作者：

Atanasova, Christina ^{[1
]}

Hrazdil, Karel ^{[1
]}

机构：

[1] Simon Fraser Univ, Burnaby, BC, Canada

来源：

GLOBAL FINANCE JOURNAL | 2010年 / 21卷 / 03期

关键词：

Defined-benefit pensions; Plan freeze; Wealth transfer; Equity returns; Credit ratings;

D O I：

10.1016/j.gfj.2010.09.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the firms' decisions in freezing their defined-benefit pension plans and the effect it has on shareholders' wealth. Plan freezes help relieve sponsors of the implicit promises made to employees regarding future compensation. We find evidence that a pension plan freeze has a positive impact on sponsors' equity returns and credit ratings. Firms that choose to freeze their pension plans experience an increase in equity return and a decrease in the probability of a credit downgrade. Crown Copyright (C) 2010 Published by Elsevier Inc. All rights reserved.

引用

页码：293 / 303

页数：11

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