AN EMPIRICAL INVESTIGATION OF STOCK MARKET VALUATION OF CORPORATE PROJECTED PENSION LIABILITIES
利用新可得的预计养老金义务数据，发现投资者将养老金资产和负债分别视为公司资产和负债，并分解了养老金义务的三个组成部分（既得、非既得和未来工资增长）的市场估值，结果表明未来工资增长被市场视为公司负债，对会计准则制定有重要启示。
This study extends the work of Landsman (1986) by making use of the newly available projected benefit pension obligations (PBO) information. Our analysis documents that investors perceive pension assets and pension liabilities, respectively, as corporate assets and liabilities. We also developed and tested a decomposition model of pension obligations by examining the market valuation of the three components of PBO: vested, non‐vested and future salary progression. Our results indicate that future salary progression is indeed considered by market participants as a liability of the firm. The results of the study have important implications for accounting policy making.