Wang, F.; Zhang, Ting - In: Review of Quantitative Finance and Accounting 43 (2014) 4, pp. 781-802
controlling for credit ratings, suggesting that bond ratings do not fully capture pension underfunding risk. Overall, our results … highlight the important effects of unfunded pension obligations on bond ratings, default risk, and creditors’ payoff, and … suggest that investors should look beyond bond ratings in making investment decisions. Copyright Springer Science …