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Corporate post-retirement benefit plans and leverage

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Bartram, Söhnke M. (2016) Corporate post-retirement benefit plans and leverage. Review of Finance, 20 (2). pp. 575-629. doi:10.1093/rof/rfv021

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Official URL: https://doi.org/10.1093/rof/rfv021

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Abstract

Defined benefit pension and health care plans are important for firm leverage around the world. While consolidating off-balance sheet post-retirement plans increases effective leverage by 32%, firms reduce their level of regular debt by only 22 cents for every dollar of projected benefit obligation, yielding overall 23% higher total leverage of plan sponsors compared with similar firms without post-retirement plans. The most important driver of substitution rates between regular debt and post-retirement obligations is rule of law, followed by labor market freedom and taxes. In contrast, pension guarantee funds and priority of unfunded pension obligations are less important for substitution rates.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School > Finance Group
Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Review of Finance
Publisher: Oxford University Press
ISSN: 1572-3097
Official Date: March 2016
Dates:
DateEvent
March 2016Published
8 June 2015Available
2015Accepted
Volume: 20
Number: 2
Page Range: pp. 575-629
DOI: 10.1093/rof/rfv021
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
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