財金系擬於 6/3(二) 邀請 Prof. Bartram，至本所進行專題演講，相關訊息如下：

時間: 6/3(二) 10:30-12:00

地點: 管理學院一號館2F 冠德講堂

演講人: Prof. Bartram

講題: In Good Times and in Bad: Defined Benefit Pensions and Corporate Financial Policy

Abstract:

Funding deficits of U.S. pension plans are even larger in 2012 than before the crisis despite recent regulation aiming at improving funding levels. While plan sponsors generally take less risk with their pension assets if they have high business or financial risk, there is evidence of passive asset substitution in recent years as the result of persistent underfunding combined with significant allocation to risky assets. Overall, the paper documents close linkages between firms’ general corporate financial policy and their pension plan. Plan sponsors make more aggressive return assumptions if the plan is more invested in equities, but also if it has low funding and high discount rates, if they have less cash, lower book/market and negative book equity. Firms make larger contributions if their plan is underfunded, has a longer investment horizon, is more invested in equities with higher return expectations, and if participants contribute less, but also if they have more cash and do not pay dividends. Funding levels are higher for plans that invest more in equities and had higher realized returns, if the sponsor pays dividends, is more profitable and further away from default. In contrast, there is little evidence to support the tax hypothesis of pension plan investing.

SSRN Link：

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2145261