A Comment on Excess Asset Reversions and Shareholder Wealth
重新检验了Alderson和Chen(1986a)的发现，指出金融市场在定价时未考虑超额养老金资产，而终止超额养老金计划会显著增加股东财富，但这一结果实际上是由公司重组公告等事件污染驱动的。
ABSTRACT This study re‐examines the earlier finding of Alderson and Chen (1986a) that financial markets do not consider excess pension assets in determining share prices and that significant increases in shareholder wealth occur when an overfunded pension plan is terminated. The results document that specific event‐time contamination (corporate restructuring announcements) provides the driving force for all the earlier findings.