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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
2007-12
Publisher
College of Business Administration (경영대학)
Citation
Seoul Journal of Business, Vol.13 No.2, pp. 59-82
Keywords
unfunded pension benefit obligationwrite-off periodpolicy disclosuresignaling effectTokyo 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
https://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 Business (SJB)Seoul Journal of Business Volume 13, Number 1/2 (2007)
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