000			02416cam a22003137 4500
001			w0957
003			NBER
005			20211020115340.0
006			m o d
007			cr cnu||||||||
008			210910s1982 mau fo 000 0 eng d
100	1		_aFriedman, Benjamin M. _910772
245	1	0	_aPension Funding, Pension Asset Allocation, and Corporate Finance: _bEvidence From Individual Company Data / _cBenjamin M. Friedman.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1982.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0957
500			_aAugust 1982.
520	3		_aThis paper examines the relationship between U.S. corporations' management of their pension plans and their management of the more familiar aspects of corporate financial structure. The chief conclusion, on the basis of data for 7,828 pension plans sponsored by 1,836 companies and their subsidiaries, is that corporations do not manage the pension plans which they sponsor as if these plans had nothing to do with the corporation. Different responses appear to characterize firms' behavior in different contexts, but the evidence persistently indicates clear relationships between decisions about pension assets and liabilities and decisions about the other assets and liabilities of the firm. At the same time, the pattern of these relation- ships is, more often than not, inconsistent with familiar hypotheses that have emerged thus far in the theoretical literature analyzing pension aspects of corporate finance. Hence the conclusion from the data is also that the connections between pension decisions and corporate financial decisions in the more conventional sense are, at least as yet, not well understood.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0957.
856	4	0	_uhttps://www.nber.org/papers/w0957
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0957
942			_2ddc _cW-PAPER
999			_c347625 _d306187