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Defined Benefit Pensions: Funding And Asset Allocation Choices

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Defined Benefit Pensions: Funding And Asset Allocation Choices

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dc.contributor.author Lind, Melissa Susan en_US
dc.date.accessioned 2007-08-23T01:56:36Z
dc.date.available 2007-08-23T01:56:36Z
dc.date.issued 2007-08-23T01:56:36Z
dc.date.submitted August 2006 en_US
dc.identifier.other DISS-1406 en_US
dc.identifier.uri http://hdl.handle.net/10106/384
dc.description.abstract Because of their large size, defined benefit pension plans are an important component of U.S. corporate finances and capital markets. The value of pension plans comprises a sizable portion of the sponsoring firm's assets and impacts the sponsoring firm's profitability and risk. Plan funding status has a direct impact on firm earnings. Corporate sponsors of overfunded plans may reduce or eliminate cash contributions to the plan, improving earnings. In contrast, underfunded plans require large expedited contributions that lower earnings. Plan investment choices may magnify the effect of funding on earnings when markets are volatile and managers invest a greater portion of plan assets in equities. Prior pension research suggests managers utilize pension regulations and pension insurance to integrate pension cash flows with the firm's financial policies. Firm characteristics and managerial incentives are thus strong determinants of funding policies. Five pension policy propositions are examined to help explain the corporate decision making process. en_US
dc.description.sponsorship Gallo, John en_US
dc.language.iso EN en_US
dc.publisher Business Administration en_US
dc.title Defined Benefit Pensions: Funding And Asset Allocation Choices en_US
dc.type Ph.D. en_US
dc.contributor.committeeChair Gallo, John en_US
dc.degree.department Business Administration en_US
dc.degree.discipline Business Administration en_US
dc.degree.grantor University of Texas at Arlington en_US
dc.degree.level doctoral en_US
dc.degree.name Ph.D. en_US

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