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| Author: | Gopalakrishnan, V. Sugrue, T. |
| Title: | Economic consequences of pension policy deliberations (SFAS No. 87): an empirical assessment of debt-covenant hypothesis. |
| Journal: | Journal of Business Finance and Accounting
1992 : SEP, VOL. 19:5, p. 751-775 |
| Index terms: | DEBT MANAGEMENT ACCOUNTING STANDARDS ACCOUNTING POLICY PENSIONS FINANCIAL MODELS |
| Language: | eng |
| Abstract: | This study extends the economic consequences literature by directly examining the private and public lending agreements for sample of firms which were affected by the recognition of the unfunded accumulated liability on the balance sheet under SFAS No. 87. Our results indicate that compliance with SFAS No. 87 would have resulted in technical violations or substantial reduction in debt covenant slack for more than 65 percent of the sample. However, authors observes no significant security price change during the FSAB's pension policy deliberations period. The results of our study have important implications for accounting standard setting. |
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