The Information Content of Corporate Pension Funding Status in Japan
研究了日本企业养老金资金比率是否反映管理层关于公司经营的私有信息，发现该比率能预测管理预测误差，但股市未及时吸收该信息。
Abstract This paper tests if a firm's pension funding ratio (pension assets/PBO) reveals the management's private information about the firm's operation when the firm can exercise discretion in pension funding. The lax enforcement of pension funding rules and the prevalence of management forecasts make Japanese firms an ideal testing ground. We show that, among firms with large business uncertainty, large accruals, or high effective tax rates, the pension funding ratio predicts the firm's management forecast errors significantly beyond conventional control variable and the effects of pension accounting management. However, the stock market does not appear to incorporate this information immediately.