HOW CORPORATE PENSIONS AFFECT STOCK RETURNS: THE ROLE OF R&D EXPENDITURES
We examine the stock return implications of corporate-defined benefit pension plans in innovative U.S. firms and in R&D- and patent-sorted portfolio specifications. We find that investors underreact to firms increasing off-balance-sheet liabilities. Pensions represent material off-balance-sheet...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
World Scientific Publishing
2023-06-01
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| Series: | Journal of Financial Management, Markets and Institutions |
| Subjects: | |
| Online Access: | https://www.worldscientific.com/doi/10.1142/S2282717X23500020 |