While businesses require funding to start and grow, they also rely on human capital, which
affects how they raise funds. Labor market frictions make financing labor different than …

This paper provides a review of empirical research on pension accounting. Empirical
research on pension accounting has focused mainly on two issues, the value‐relevance of …

The asset allocation of defined benefit pension plans is a setting where both risk-shifting and
risk-management incentives are likely be present. Empirically, firms with poorly funded …

This paper presents estimates of the effect of a voluntary spin‐off announcement on
shareholder wealth. The results show that spin‐off announcements have a positive influence …

This paper focuses on the impact of taxes on optimal corporate pension policy. The analysis
is based upon an integration of corporate and individual shareholder considerations. The …

Background Legally, a firm's pension fund is separate from the firm. The fund's trustees act
first in the interest of the fund's beneficiaries. Still, the performance of the pension fund …

The widespread issuing of below-investment-grade bonds to restructure firms and finance
management buyouts and hostile takeovers surely ranks as a major innovation in terms of …

This paper traces developments in the theory of corporate finance over the past 25 years.
These include a shift from consideration of how the value of a given cash flow stream is …

We examine whether the compensation incentives of top management affect the extent of
risk shifting versus risk management behavior in pension plans. We find that risk shifting …

THE MARKOWITZ (12, 13) paradigm for mean-variance portfolio analysis involves two main
components:(1) the preferences (indifference curves in mean-variance space) of the …