The Evaluation Relevance Of Pension Accounting Information
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The Evaluation Relevance Of Pension Accounting Information
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Author : Edward M. Werner
language : en
Publisher:
Release Date : 2016
The Evaluation Relevance Of Pension Accounting Information written by Edward M. Werner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This study investigates the association between pension accounting information and both firm value and credit ratings. My findings indicate that fair-value-based pension accounting information is not more evaluation relevant (often termed value relevant in prior literature relating specifically to the equity valuation decision) than pension information recognized in the financial statements under SFAS 87. In fact, I find SFAS 87 information to be more evaluation relevant in models with composite pension variables. However, once I disaggregate the variables, the performance of fair-value data improves, which suggests that the loss in evaluation relevance is due mainly to the aggregation of transitory components (i.e. actuarial and investment gains and losses) with more persistent pension cost components. Similar to previous research, incremental evaluation relevance tests of pension cost component variables suggest that the market may overvalue pension components relative to regular earnings components. Moreover, my results suggest that financial statement users, particularly credit rating analysts, focus on pension income statement information, also indicative of overvaluation and weaker risk assessments. Should the U.S. continue to shift toward a fair-value based pension accounting standard, recognizing transitory elements of pension cost separately from net income (perhaps as part of comprehensive income) can mitigate any loss in evaluation relevance.
Pension Accounting And Research
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Author : Martin Glaum
language : en
Publisher:
Release Date : 2009
Pension Accounting And Research written by Martin Glaum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper provides a review of empirical research on pension accounting. Empirical research on pension accounting has focused mainly on two issues, the value relevance of pension accounting information and earnings management in pension accounting. Further work has been done on the information efficiency of capital markets with regard to pension accounting information. I outline how research in these areas has evolved over the past decades and discuss the results that have been obtained. I also point out methodological issues. Furthermore, this review reveals that almost all existing studies on pension accounting are based on US accounting and capital-market data. I therefore discuss which effects national or regional differences in, for instance, pension regulation, taxation, funding, have on the production of pension accounting information by preparers, and on the processing of this information by analysts, investors and other users. Finally, I highlight that national institutional differences as well as ongoing changes to pension accounting standards raise interesting opportunities for future empirical research on pension accounting.
The Value Relevance Of Pension Accounting Information
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Author : Edward M. Werner
language : en
Publisher:
Release Date : 2005
The Value Relevance Of Pension Accounting Information written by Edward M. Werner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Fair value categories.
The Impact Of Fair Value Accounting On Firms Performance And Pension Assets
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Author : Shaofeng Zheng
language : en
Publisher:
Release Date : 2017
The Impact Of Fair Value Accounting On Firms Performance And Pension Assets written by Shaofeng Zheng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Fair value categories.
My dissertation comprises of two essays: 1) The Effects of Fair Value Measurements (IFRS 13) on Operating Performance and Market Performance, and on Value Relevance of Firms across European Countries; 2) The Disclosure of Fair Value Pension Asset under SFAS No. 158, Pension Assumptions, and Earnings Manipulation. Fair value accounting has been gained a spotlight over years. My first essay focuses on Fair Value measurements (IFRS13), which provides a single source for all fair value measurements, and clarifies the definition of fair value and enhance the disclosures. I examine the effect of IFRS 13 fair value on operating performance, the market reaction to the key event of the announcement date of IFRS 13 adoption, and the effect on value relevance in the context of IFRS 13 adoption by a large sample of five countries in European Union: France, Germany, Italy, Spain, and United Kingdom from 2010 to 2014. Evidences from the analyses of the models revealed that the operating performance overally decreased after IFRS 13 adoption in France and Germany but increased in Italy, Spain and United Kingdom based on some ratios to evaluate the operating performance. Firms with higher ROA in pre-IFRS 13 might report more consecutive earnings after IFRS 13 adoption than firms with lower ROA in pre-IFRS 13. Market reaction was tested on the key event of IFRS 13 adoption: the announcement date of IFRS 13. The results of the event study indicate that the cumulative abnormal returns (CAR) are negatively associated with the release date of IFRS 13 adoption, suggesting that European markets' reaction has been somewhat negative to IFRS 13. The adjustment to earnings per share model suggests mixed evidence of a increase in value relevance. In summary, European market may perceive IFRS 13 as an important in financial reporting or a reduction in the formation asymmetry and these results have implications for investors, auditors, and educators. In September 2006, Statement of Financial Accounting Standard (SFAS) No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, required firms to disclose and recognize the full funded status of defined benefit pension plans in the balance sheet instead of only in the footnote. Comparing with recognition, there are limited researches about the effect of the disclosure of fair value pension assets on the expected rate of return (ERR). Therefore, my second essay examines the association between the disclosure of fair value pension plan assets under SFAS No. 158 and ERR. Empirical results support that firms with the Level-3 fair value of pension assets are more like to inflate ERR and are more like to meet ERR through the actual rate of return (ARR) of the Level-3 fair value of pension assets. In addition, I explore the relationship between the disclosure of fair value pension plan assets and earnings target through ERR management. The results document that firms with the Level-3 fair value pension asset more like to achieve earnings target when they marginally fall short of earnings expectations. Such disclosures could improve the efficient use of the information by market participants.
Accounting Theory
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Author : Harry I. Wolk
language : en
Publisher: SAGE
Release Date : 2008
Accounting Theory written by Harry I. Wolk and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Presents complex materials in a clear and understandable manner. Incorporating the latest accounting standards and presenting the most up-to-date accounting theory from the top academic journals in accounting and finance throughout the world.
Issues In Pension Economics
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Author : Zvi Bodie
language : en
Publisher: University of Chicago Press
Release Date : 1987-03-01
Issues In Pension Economics written by Zvi Bodie and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987-03-01 with Business & Economics categories.
In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
Evaluating The Financial Performance Of Pension Funds
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Author : Richard Hinz
language : en
Publisher: World Bank Publications
Release Date : 2010-01-14
Evaluating The Financial Performance Of Pension Funds written by Richard Hinz and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-14 with Business & Economics categories.
Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.
Compendium Of Hhs Evaluations And Relevant Other Studies
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Author : HHS Policy Information Center (U.S.)
language : en
Publisher:
Release Date : 1990
Compendium Of Hhs Evaluations And Relevant Other Studies written by HHS Policy Information Center (U.S.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Human services categories.
Innovations In Pension Fund Management
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Author : Arun S. Muralidhar
language : en
Publisher: Stanford University Press
Release Date : 2001
Innovations In Pension Fund Management written by Arun S. Muralidhar and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
This book gives state-of-the-art guidance on how to implement investment strategy with cutting-edge practices of plan sponsors and investment managers. All aspects of fund management will be seen in a fresh light, as professionals read about current practical and theoretical twists and turns in asset allocation, risk management, and performance evaluation and implementation.
Oecd Reviews Of Pension Systems Slovenia
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2022-01-27
Oecd Reviews Of Pension Systems Slovenia written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-27 with categories.
This review provides policy recommendations on how to improve the Slovenian pension system, building on the OECD’s best practices in pension design. It details the Slovenian pension system and identifies its strengths and weaknesses based on cross‐country comparisons.