Pension experts have long conjectured that pension accounting rules encourage firms to invest pension assets in risky asset classes (Zion and Carcache 2003, Gold 2005). The recent passage of IAS 19 Employee Benefits (Revised) (hereafter, “IAS 19R”) marks a fundamental shift in pension...

We examine whether (and to what extent) accounting regulation intended to improve disclosure can lead to higher disclosure quality in the absence of a change in preparer incentives. We exploit a sequence of two similar regulatory changes, one under US GAAP and the other under IFRS, which have...

The funding policy for defined benefit pension plans covering government employees represents an important decision for government entities sponsoring those plans. In recent years, a number of state and local governments have experienced extreme funding shortfalls (e.g., New Jersey, Illinois,...