Pension regulation, firm borrowing, and investment risk
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<title>Pension regulation, firm borrowing, and investment risk</title>
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<abstract displayLabel="Summary">This article builds a new model of capital structure and nonpension investment decisions to show that regulatory and investment incentives created by accrued pension obligations exacerbate traditional agency problems between stockholders and bondholders. The article identifies conditions under which firms with accrued pension liabilities have an incentive to choose an overly risky capital structure, invest in risky projects with negative net present value, and/or under-fund their pension accounts.</abstract>
<note type="statement of responsibility">Margaret J. Lay</note>
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<topic>Pensiones</topic>
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<topic>Inversiones</topic>
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<topic>Gerencia de riesgos</topic>
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<topic>Regulación</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
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<text>01/12/2020 Volumen 87 Número 4 - diciembre 2020 , p. 935-968</text>
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