We identify and test motives for corporate pension asset allocations using a proprietary asset allocation database covering the 1988-1994 period. We focus on the question whether the recognition of additional minimum pension liability in accordance with SFAS No. 87 affects asset allocation. The...

This paper proposes a method for valuing a firm's debt and equity that relies on readily-accessible current accounting data applied in an easily understood and intuitively appealing manner and which addresses the impact of a firm's accounting for taxes on a its economic profitability. We derive...

We examine how financial analysts and equity investors incorporate information on deferred taxes from carryforwards into earnings forecasts and share prices, respectively. We focus on carryforwards because in providing this information each period, management must use their private information...

We evaluate the contribution of analysts' earnings forecasts to investors' decisions by comparing the association between annual excess returns and a broad set of information items derived from financial statements with the association between excess returns and that information set plus the...