While coming to grips with the challenges of market turbulence, repeated financial crises, and the 2001 introduction of a fair value disclosure regime, Denmark's Labour Market Supplementary Pension Plan (ATP) concluded that its approach to pension management needed to change. As a result, the...

We examine the stock returns implications of the corporate defined benefit pension plans in R&D portfolio specifications. Pensions are one of the most significant off-balance-sheet items and liabilities arising from pensions are extensive. In our sample, firms with pension plans are 38% more...

Labor unions played an historic role creating the occupational pension system in the private and public sectors in the post-World War II era. That system, which was dominated by defined benefit pension plans, is in decline. The transition to a new system is economically and socially painful, and...

This study examines the relation between employee incentives and corporate innovation. We find that firms with a higher defined benefit (DB) pension value secure more patents and patent citations. We further show that pension freezes, which stop the accumulation of pension obligations,...