作者：BARTH, ME; BEAVER, WH; LANDSMAN, WR
作者单位：Harvard University; Stanford University; University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper examines whether market participants implicitly assign different coefficients to pension cost components when determining security prices. The major findings are: (1) The pension cost components' coefficients generally differ from one another. As predicted, the transition asset amortization coefficient is lower than other pension coefficients, and is insignificantly different from zero. (2) Consistent with the market viewing pension-related income streams as less risky, the pension ...
作者：HAN, BH; JENNINGS, R; NOEL, J
作者单位：University of Michigan System; University of Michigan
摘要：This study examines whether annual financial statements filed with the Securities and Exchange Commission are timely sources of information for investors. We examine a summary measure, the probability of bankruptcy, through which the release of financial statements might communicate information to investors. The results indicate that a significant association exists between revisions in the probability of bankruptcy due to nonearnings data and security returns over the fiscal year, but that in...
