On Bond Ratings and Pension Obligations: A Note

Martin, Linda J.; Henderson, Glenn V.

doi:10.2307/2330941

Cited by 51 publications

(23 citation statements)

References 16 publications

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“…Among those, Martin and Henderson (1983), Maher (1987) and Carroll and Niehaus (1998) showed that unfunded pension liabilities affect corporate debt ratings. Carroll and Niehaus, in particular, found that excess pension assets and pension deficits were asymmetrically associated with debt ratings; with unfunded liabilities decreasing ratings to a greater extent than an equal amount of assets would increase them.…”

Section: Tablementioning

confidence: 99%

Why do healthy firms freeze their defined-benefit pension plans?

Atanasova

Hrazdil

2010

Global Finance Journal

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Section: Tablementioning

confidence: 99%

Why do healthy firms freeze their defined-benefit pension plans?

Atanasova

Hrazdil

2010

Global Finance Journal

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“…Extant research (Martin and Henderson, 1983;Maher, 1987;Carroll and Niehaus, 1998) and anecdotal evidence (e.g., Porretto, 2003) suggests creditors use…”

Section: Article In Pressmentioning

confidence: 99%

Fair-value pension accounting

Hann

Heflin

Subramanayam

2007

Journal of Accounting and Economics

124

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“…States might also alter funding behavior in response to their credit rating. Pension costs have long been considered a key variable for bond raters (Martin and Henderson 1983). Recent state credit rating downgrades-for example, Kentucky (2011), Illinois (2013) and New Jersey (2014)-have all cited pension finances as part of the justification for changes.…”

Section: Fiscal Environmentmentioning

confidence: 99%

Underfunding Annual Pension Contributions

Thom

Randazzo²

2015

State and Local Government Review

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Inadequate contributions are one factor behind the gap between pension assets and benefit liabilities. Each year, many states fail to meet their required pension contribution while others consistently meet or exceed their required amount. This study seeks to identify the factors that shape actual pension contributions across the states. Results suggest that states with smaller long-term funding gaps are more likely to fund required contributions. Legislative professionalism and constitutional collective bargaining privileges reduce annual funding. The effect of partisan and institutional traits was sensitive to methodology. Revenue changes and balanced budget requirements had no significant effect on pension contributions. These results suggest a number of reform avenues, including constitutional, institutional, and programmatic changes of varying political feasibility.

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On Bond Ratings and Pension Obligations: A Note

Cited by 51 publications

References 16 publications

Why do healthy firms freeze their defined-benefit pension plans?

Why do healthy firms freeze their defined-benefit pension plans?

Fair-value pension accounting

Underfunding Annual Pension Contributions

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