Corporate Pension Liabilitiesand Financial Behaviors

我们从更新的数据中获得的初步结果表明，养老金负债与公司价值和公司收购另一家公司的概率呈负相关。在日本，个别公司养老金资产的风险类别并未披露。我们试图对其进行估计，发现公司的股票风险与养老金资产和负债的风险之间没有显著的关系。尽管美国之前的研究表明股票期权的授予会诱导管理层的冒险行为，但我们的数据并不支持这一效果。

Our preliminary results, which are obtainedfrom updated data, suggest that pension liabilities are negatively associated with firm value and the probability that the firm acquires another company. In Japan, risk class of individual firms’ pension assets is not disclosed. We attempt to estimate it and find no significant relationship between the firm’s stock risk and the risk of pension assets and liabilities.Although previous US research suggests that stock option grants induce managerial risk-taking behaviors, our data do not support the effect.