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首页> 外文期刊>International review of economics & finance >Underfunding or distress? An analysis of corporate pension underfunding and the cross-section of expected stock returns
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Underfunding or distress? An analysis of corporate pension underfunding and the cross-section of expected stock returns

机译：资金不足或困扰？企业养老金资金不足和预期股票收益的横截面分析

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摘要

The pension underfunding anomaly (Franzoni & Marin, 2006) is mainly concentrated in financially distressed sponsors. The predictability of pension underfunding levels on the cross-sectional stock returns disappears after considering sponsor financial distress. It exists when underfunding is primarily due to poor operating performance and during the initial five years of underfunding; it diminishes when underfunding is due to bad pension investment returns and when firms underfund for more than five years. The potential financial distress inherent in the most underfunded firms and the prospect of intervention by the Pension Benefit Guaranty Corporation make the arbitrage opportunity not entirely risk free.
机译：养老金资金不足的异常现象（Franzoni＆Marin，2006）主要集中在财务困难的发起人身上。考虑赞助人的财务困境后，横截面股票收益中养老金筹资不足水平的可预测性便消失了。当资金不足主要是由于经营业绩不佳以及资金不足的最初五年期间，就会出现这种情况；当资金不足是由于不良的养老金投资回报而导致的，而当企业资金不足五年以上时，这种现象就会减少。大多数资金不足的公司固有的潜在财务困境以及退休金利益担保公司的干预前景使套利机会并非完全没有风险。

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