Centro de Documentacion de Fundación MAPFRE - Corporate pensions and the maturity structure of debt

MAP20190019620

Corporate pensions and the maturity structure of debt / Yijia Lin, Sheen Liu, Jifeng Yu

36 p.

Sumario: In this article, we investigate the role of pension obligations, the most significant off-balance-sheet item, in determining corporate debt maturity and spreads.We begin by showing a significant and robust positive relationship between pension liabilities and corporate short-term debt ratio.We also find that more pension obligations cause a significant increase in the cost of debt, but this effect is mitigated by short-maturity debt. Overall, our study shows that short-term debt can reduce asymmetric information costs related to pensions

En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 315-350

1. Gerencia de riesgos . 2. Inversiones . 3. Planes de pensiones de empresa . 4. Análisis de riesgos . I. Liu, Sheen . II. Yu, Jifeng .