The Market Response to Pension Plan Terminations.
分析终止超额注资的固定收益养老金计划公告时的股票回报，评估资金返还作为从计划参与者向股东财富转移的衡量标准，并解决先前研究关于公告时市场反应是否显著为正的不一致结论。
Abstract Analyzes stock returns associated with the announcement to terminate overfunded defined-benefit pension plans. Evaluation of the use of the reversion amount as a measure of wealth transfer from plan participants to shareholders; Resolution of inconsistencies across prior studies regarding the existence of a significant positive market reaction at the termination announcement.