| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4920 |
| DP4920 Current Account Theory and the Dynamics of US Net Foreign Liabilities | |
| Giancarlo Corsetti; Panagiotis Konstantinou | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of trustees of the pension plan who are also executive directors of the sponsoring company. Our findings indicate that pension plans of indebted companies with a higher proportion of insider-trustees: (i) invest a higher proportion of the pension plan assets into equities, (ii) contribute less into the pension plan, and (iii) have a larger dividend payout ratio. This evidence supports an agency view, whereby insider-trustees act in the interest of shareholders of the sponsoring company, and not necessarily pension plan members. |
| 主题 | Financial Economics |
| 关键词 | Defined benefits Pension plans Insiders Corporate governance Pension trustees |
| URL | https://cepr.org/publications/dp4920 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533821 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Panagiotis Konstantinou. DP4920 Current Account Theory and the Dynamics of US Net Foreign Liabilities. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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