The Impact of Taxes on Corporate Defined Benefit Plan Asset Allocation
研究税收如何影响企业将固定收益养老金资产配置于股票和债券之间的决策，发现税收优惠与债券配置比例正相关，与先前实证结果不同。
This paper investigates the extent to which taxes affect a corporation’s decision to allocate its defined benefit plan’s assets between equity and bonds. Prior theoretical research shows that if a corporation integrates its financial policy and pension investment policy, differences in tax rates create an arbitrage opportunity. The firm’s tax benefits from the arbitrage should be positively related to the percentage of its pension assets allocated to bonds. Consistent with this prediction, but contrary to prior empirical work, this paper finds firms’ tax benefits are positively and significantly associated with the percentage of their pension assets invested in bonds.