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http://bura.brunel.ac.uk/handle/2438/8278
Title: | Pension fund finance and sponsoring companies |
Authors: | De Haan, L |
Keywords: | Pension funds;Sponsoring company;Capital structure;Asset allocation |
Issue Date: | 2012 |
Publisher: | Cambridge University Press |
Citation: | Journal of Pension Economics and Finance, 11(3), 439 - 463, 2012 |
Abstract: | We present empirical evidence on the funding and portfolio allocation of around 200 Dutch corporate pension funds over the period 1996-2005, with a special focus on the influence of the sponsoring firm. We find that unprofitable and small firms contribute less to their pension funds than profitable and large firms, consistent with theories of capital market imperfections. Sponsor contributions are found to be positively correlated with leverage, suggesting that tax effects play a role. Defined benefit funds invest relatively more in equity and less in bonds than their defined contribution counterparts, which is in accordance with the risk shifting theory. |
Description: | Copyright © Cambridge University Press 2012. |
URI: | http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=8637458 http://bura.brunel.ac.uk/handle/2438/8278 |
DOI: | http://dx.doi.org/10.1017/S1474747212000030 |
ISSN: | 1474-7472 |
Appears in Collections: | Economics and Finance Publications Dept of Economics and Finance Research Papers |
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