| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w17613
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| 来源ID | Working Paper 17613
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| Logical Implications of GASB's Methodology for Valuing Pension Liabilities |
| Robert Novy-Marx
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| 发表日期 | 2011-11-23
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| 出版年 | 2011
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| 语种 | 英语
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| 摘要 | It is well known that the funding status of state and local government defined benefit pension plans, as measured by the accounting methodology prescribed by the Governmental Accounting Standards Board (GASB), improves when the plans take on more investment risk. This paper documents several lesser known logical implications of the GASB methodology. In particular, I show that GASB accounting is susceptible to the "Yogi Berra fallacy," under which a pizza is less filling when sliced into fewer pieces: GASB gives different "valuations" for the exact same assets and liabilities when they are partitioned differently among plans. Moreover, the marginal valuation of assets can be negative under GASB. In such cases a plan can improve its GASB funding status literally by burning money. Finally, I show that GASB's methodology is exactly equivalent to fairly valuing plan liabilities, but accounting for stocks at more than twice their traded prices, and further crediting a plan an additional dollar for each dollar of stock that it intends to buy in the future. |
| 主题 | Public Economics
; National Fiscal Issues
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| URL | https://www.nber.org/papers/w17613
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575288
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推荐引用方式
GB/T 7714 |
Robert Novy-Marx. Logical Implications of GASB's Methodology for Valuing Pension Liabilities. 2011.
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文件名：
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w17613.pdf
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格式：
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Adobe PDF
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