INVESTOR EVALUATION OF OVERFUNDED PENSION PLAN TERMINATIONS
作者:
In‐Mu Haw,
William Ruland,
Ahmed Hamdallah,
期刊:
Journal of Financial Research
(WILEY Available online 1988)
卷期:
Volume 11,
issue 1
页码: 81-88
ISSN:0270-2592
年代: 1988
DOI:10.1111/j.1475-6803.1988.tb00068.x
数据来源: WILEY
摘要:
AbstractHundreds of large firms have terminated overfunded pension plans and obtained substantial cash reversions in the past few years. This study reveals a positive and significant market reaction at the time of the termination announcement. The strongest stock price reaction is for firms with large terminations relative to prereversion income. This study demonstrates that real economic gains result from the termination. Specifically, firms terminating overfunded pension plans tend to have tax loss carryforwards that effectively increase the after‐tax returns from terminatio
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