Pension Underfunding, Analyst Experience, and Analyst Underreaction

摘要：

Corporate pension information is notoriously difficult to understand, even for sophisticated investors. We present evidence that sell-side financial analysts systematically underreact to pension underfunding information when they forecast corporate earnings – they fail to anticipate future decline in earnings and cash flows of firms with substantially underfunded pensions. However, analysts with more research experience provide more accurate and less optimistically biased earnings forecasts for these firms. Further, for firms with similar pension underfunding problems, those followed by less experienced analysts suffer more in terms of subsequent stock returns.

关键词： Pension Complexity Analyst Earnings Forecasts Pension Underfunding Underreaction Stock Returns

作者: Xuanjuan Chen Tong Yao Tong Yu Ting Zhang

作者单位: Department of Finance, Kansas State University Department of Finance, University of Iowa College of Business Administration, University of Rhode Island

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-47

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）