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| Tekijä: | Gallagher, R. Mckillop, D. |
| Otsikko: | Unfunded pension liabilities and sponsoring firm credit risk: an international analysis of corporate bond spreads |
| Lehti: | European Journal of Finance
2010 : APR-JUN, VOL. 16:3-4, p. 183-200 |
| Asiasana: | pension schemes pension funds credit risk corporate models bonds USA Europe |
| Vapaa asiasana: | unfund pension liability sponsoring firm international spread |
| Kieli: | eng |
| Tiivistelmä: | This paper tests empirically whether pension information derived by corporate pension accounting disclosures is priced in corporate bond spreads. Based on the model the paper finds that while unfunded pension liabilities are priced in the overall sample, they are not priced as aggressively as traditional leverage and an extended model shows that the pension-credit risk relation is most evident in the US and Germany. |
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