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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...
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This study examines the relation between employee incentives and corporate innovation. We find that firms with a higher … the accumulation of pension obligations, negatively affect innovation outcomes. The value of a DB plan influences … innovation by motivating employees to produce higher output and through loyalty. However, pension deficits impede innovation …
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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...
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Dealing with the reluctant investor examines the governance of defined contribution (DC) schemes with reference to investment choice and, in particular, the design of the default fund. We explain where and why the current system fails to support DC scheme members and what steps can be taken to...
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