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Market Reaction to the Disclosure of Unfunded Pension Benefit Obligation Write-Off Policies in Japan
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- Authors
- Issue Date
- 2007-12
- Citation
- Seoul Journal of Business, Vol.13 No.2, pp. 59-82
- 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
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