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The impact of pension assumptions on...

Brown, Stephen.

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The impact of pension assumptions on firm valuation.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The impact of pension assumptions on firm valuation./
Author:	Brown, Stephen.
Description:	149 p.
Notes:	Adviser: Robert P. Magee.
Contained By:	Dissertation Abstracts International62-04A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3011959
ISBN:	0493220984

The impact of pension assumptions on firm valuation.
Brown, Stephen.

The impact of pension assumptions on firm valuation. - 149 p.

Adviser: Robert P. Magee.

Thesis (Ph.D.)--Northwestern University, 2001.

This study examines the association between disclosed accounting numbers and firm market value while incorporating the effect of managerial discretion on these numbers. In particular, the study focuses on the assumptions used to compute the firm's pension liabilities and costs. I find two general forces influence managers' choice of the assumptions: (1) economic factors arising from the firm's operating environment and (2) reporting incentives associated with contracting considerations. The market appears to be aware of both forces and, conditional on the accounting numbers disclosed, values the firm accordingly. That is, where reporting incentives induce managers to choose obligation-reducing (or income-increasing) assumptions, the market places a lower value on the firm. These findings suggest that the market is able to identify when assumptions are being used that are not justified by the firm's operating environment and discounts the effect of those assumptions on the disclosed accounting numbers.

ISBN: 0493220984Subjects--Topical Terms:

1020666
Business Administration, Accounting.

The impact of pension assumptions on firm valuation.
LDR:01860nam 2200265 a 45 001 934884
005 20110509
008 110509s2001 eng d
020 $a 0493220984
035 $a (UnM)AAI3011959
035 $a AAI3011959
040 $a UnM $c UnM
100 1 $a Brown, Stephen. $3 881873
245 1 0 $a The impact of pension assumptions on firm valuation.
300 $a 149 p.
500 $a Adviser: Robert P. Magee.
500 $a Source: Dissertation Abstracts International, Volume: 62-04, Section: A, page: 1488.
502 $a Thesis (Ph.D.)--Northwestern University, 2001.
520 $a This study examines the association between disclosed accounting numbers and firm market value while incorporating the effect of managerial discretion on these numbers. In particular, the study focuses on the assumptions used to compute the firm's pension liabilities and costs. I find two general forces influence managers' choice of the assumptions: (1) economic factors arising from the firm's operating environment and (2) reporting incentives associated with contracting considerations. The market appears to be aware of both forces and, conditional on the accounting numbers disclosed, values the firm accordingly. That is, where reporting incentives induce managers to choose obligation-reducing (or income-increasing) assumptions, the market places a lower value on the firm. These findings suggest that the market is able to identify when assumptions are being used that are not justified by the firm's operating environment and discounts the effect of those assumptions on the disclosed accounting numbers.
590 $a School code: 0163.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a Northwestern University. $3 1018161
773 0 $t Dissertation Abstracts International $g 62-04A.
790 $a 0163
790 1 0 $a Magee, Robert P., $e advisor
791 $a Ph.D.
792 $a 2001
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3011959