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Choice of Pension Discount Rate in Financial Accounting and Stock Prices
http://hdl.handle.net/2261/2358
http://hdl.handle.net/2261/235847511dd9-b604-482e-971a-925adaee2c37
Item type | テクニカルレポート / Technical Report(1) | |||||
---|---|---|---|---|---|---|
公開日 | 2012-01-13 | |||||
タイトル | ||||||
タイトル | Choice of Pension Discount Rate in Financial Accounting and Stock Prices | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
主題 | pension accounting | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | discount rate | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | earnings response coefficients(ERC) | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | capital market | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | Japan | |||||
主題Scheme | Other | |||||
資源タイプ | ||||||
資源 | http://purl.org/coar/resource_type/c_18gh | |||||
タイプ | technical report | |||||
アクセス権 | ||||||
アクセス権 | metadata only access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
著者 |
Obinata, Takashi
× Obinata, Takashi |
|||||
著者所属 | ||||||
著者所属 | University of Tokyo | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | Under present financial accounting standards, in Japan and in U.S., firms can hoose pension discount rates, which they use for earnings measurement, at their discretion. First, this paper investigates, what factors affect their choice of pension discount rates. The sample firms in this paper reduced their discount rates, when market interest rate declined in 1990s, more slowly than the tendency in the market. We analyze the causes of this delay by logit model. Regression results show that, given declining interest rate, the significant factor affecting the firms’ choice is not leverage, but profitability (return on equity: ROE). Second, this research investigates empirically how stock prices reflect the size of pension discount rate. Both unamortized pension obligations and pension expenses in the year are positively associated with stock prices. However, the coefficients for the firms, whose discount rates are higher than median, are smaller than those for the firms choosing lower rates. Those coefficients are not significantly different from zero. These results indicate that the firms, which chose lower pension discount rates, are valued higher. This asymmetric result is consistent with the first point in this paper, concerning the firms’ motives for pension discount rate choice. | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | 本文フィルはリンク先を参照のこと | |||||
書誌情報 |
Discussion paper series. CIRJE-F 巻 CF-82, 発行日 2000-07 |
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書誌レコードID | ||||||
収録物識別子タイプ | NCID | |||||
収録物識別子 | AA11450569 | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
日本十進分類法 | ||||||
主題 | 330 | |||||
主題Scheme | NDC | |||||
出版者 | ||||||
出版者 | 日本経済国際共同センター | |||||
出版者別名 | ||||||
Center for International Research on the Japanese Economy | ||||||
関係URI | ||||||
識別子タイプ | URI | |||||
関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2000/2000cf82.pdf |