Risk Shifting and Corporate Pension Plans: Evidence from a Natural Experiment
利用自然实验识别违约风险上升对企业行为的因果效应，发现管理者在外部冲击后几乎没有将风险转移给企业养老金计划的证据，对风险转移假说提出质疑。
Using a natural experiment to identify the causal effect of an increase in default risk on firm actions, I find little evidence managers shift risk to corporate pension plans following an exogenous shock to the firm’s long-term liabilities. The finding is robust to focusing on firms where the incentive to engage in risk shifting is arguably the greatest, such as financially vulnerable firms and firms with fewer agency conflicts. This study casts doubt on the risk-shifting hypothesis and shows managers do not take risk-shifting actions that would increase shareholder value even when those actions pose little threat to managerial utility.