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Market Reaction to the Disclosure of Unfunded Pension Benefit Obligation Write-Off Policies in Japan

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Authors
Choi, JongSeo; Tokuga, Yoshihiro
Issue Date
2007
Publisher
College of Business Administration (경영대학)
Citation
Seoul Journal of Business Vol13(2): 59~82(2007)
Keywords
unfunded pension benefit obligation; write-off period; policy disclosure; signaling effect; Tokyo stock exchange
Abstract
This paper investigates whether stock prices react to the corporate
disclosures of pension cost write-off policy, and if they do, whether the
direction and the magnitude of such reaction are associated with the
level of unfunded pension benefit obligation and firm profitability in the
Japanese context. The results of the analysis partially support the
signaling explanation whereby financially affordable firms with large
amount of unfunded obligations are expected to be more likely to adopt
shorter term based write-offs, which are rewarded with favorable price
reactions.
ISSN
1226-9816
Language
English
URI
http://hdl.handle.net/10371/1812
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of BusinessSeoul Journal of Business Volume 13, Number 1/2 (2007)
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