The Expected Rate of Return on Pension Funds and Asset Allocation as Predictors of Portfolio Performance.
研究养老金资产预期收益率与权益投资比例的关系，发现两者关联较弱，且只有权益比例能预测未来收益，建议FASB加强而非取消资产构成披露要求。
Abstract We examine the correlation between the expected rate of return on pension assets (ERR), as reported in the financial statements, and the com- position of the pension portfolio, measured as the percent invested in equities (% Equity). Our evidence indicates that ERR and %Equity are related, but the relation is rather weak. We also examine whether ERR and %Equity are correlated with future returns on pension assets. Only %Equity is correlated with future pension returns. Our results suggest that the FASB should consider the enforcement rather than elimination of current disclosure requirements regarding pension asset composition.