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In good times and in bad : defined-benefit pensions and corporate financial policy

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Bartram, Söhnke M. (2018) In good times and in bad : defined-benefit pensions and corporate financial policy. Journal of Corporate Finance, 48 . pp. 331-351. doi:10.1016/j.jcorpfin.2017.10.015 ISSN 0929-1199.

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Official URL: https://doi.org/10.1016/j.jcorpfin.2017.10.015

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Abstract

U.S. sponsors of defined-benefit pension plans integrate their pension plans into their overall financial management. Plan contributions are smaller and funding levels lower for plan sponsors that have less cash, are less profitable and are financially distressed. Moreover, plan sponsors make more aggressive pension plan assumptions if they have lower cash holdings and profit margins. While there is no evidence that plan sponsors generally take more risk with their pension plan as-sets if they have high business or financial risk, there is some evidence of risk shifting during major economic downturns such as the global financial crisis. As a result, funding rules, pension plan assumptions and investment policies are areas to consider for pension policy to protect plan beneficiaries.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Social Sciences > Warwick Business School > Finance Group
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Pension trusts -- Investments., Pension trusts -- Law and legislation., Defined benefit pension plans., Corporations -- Finance, International finance., Pensions -- Management., Employee fringe benefits -- Law and legislation.
Journal or Publication Title: Journal of Corporate Finance
Publisher: Elsevier Science BV
ISSN: 0929-1199
Official Date: February 2018
Dates:
DateEvent
February 2018Published
4 November 2017Available
27 October 2017Accepted
Volume: 48
Page Range: pp. 331-351
DOI: 10.1016/j.jcorpfin.2017.10.015
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 30 October 2017
Date of first compliant Open Access: 28 November 2017
Open Access Version:
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