Abstract/Details

Three essays on corporate pension underfunding, securities valuation and market efficiency


2009 2009

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Abstract (summary)

This dissertation consists of three essays on corporate pension plan underfunding and securities valuation. The first essay presents evidence that sell-side stock analysts systematically underreact to pension underfunding information when they forecast firm earnings and such underreaction is associated with future stock returns. The second essay examines the effect of pension obligation overhang on ratings of a firm's bond issues with different seniority. It shows that both the level and changes of pension obligations have significant effects on bond ratings and bond liquidity of non-senior secured issues (including senior unsecured, senior subordinate, subordinate, and junior subordinate bonds), but have no effects on bond ratings of senior secured issues. Finally, the third essay reports that firms manipulate earnings to meet or beat analysts' expectations through opportunistically increasing the expected rate of return on pension plan assets.

Indexing (details)


Subject
Business administration;
Finance;
Economic theory;
Studies;
Pension fund management
Classification
0310: Business administration
0508: Finance
0511: Economic theory
Identifier / keyword
Social sciences; Analyst forecast; Defined benefit pension plan; Earnings management; Market efficiency; Pension underfunding; Securities valuation; Stock and bond
Title
Three essays on corporate pension underfunding, securities valuation and market efficiency
Author
Zhang, Ting
Number of pages
168
Publication year
2009
Degree date
2009
School code
0186
Source
DAI-A 70/07, Dissertation Abstracts International
Place of publication
Ann Arbor
Country of publication
United States
ISBN
9781109289107
Advisor
Yu, Tong
University/institution
University of Rhode Island
University location
United States -- Rhode Island
Degree
Ph.D.
Source type
Dissertations & Theses
Language
English
Document type
Dissertation/Thesis
Dissertation/thesis number
3368009
ProQuest document ID
304988560
Copyright
Database copyright ProQuest LLC; ProQuest does not claim copyright in the individual underlying works.
Document URL
http://search.proquest.com/docview/304988560
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