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Excess Asset Reversions and Shareholder Wealth: A Comment

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  • Moore, Norman H
  • Pruitt, Stephen W

Abstract

This study reexamines the earlier finding of Michael J. Alderson and K. C. Chen (1986) 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. Copyright 1990 by American Finance Association.

Suggested Citation

  • Moore, Norman H & Pruitt, Stephen W, 1990. "Excess Asset Reversions and Shareholder Wealth: A Comment," Journal of Finance, American Finance Association, vol. 45(5), pages 1709-1714, December.
    • Handle: RePEc:bla:jfinan:v:45:y:1990:i:5:p:1709-14
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    Cited by:

    1. Datta, Sudip & Iskandar-Datta, Mai E. & Zychowicz, Edward J., 1995. "Pension plan terminations, excess asset reversions and securityholder wealth," Journal of Banking & Finance, Elsevier, vol. 19(2), pages 245-259, May.
    2. Kun Yu, 2016. "Excess of the PBO over the ABO and hard pension freezes," Review of Quantitative Finance and Accounting, Springer, vol. 46(4), pages 819-846, May.

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