This paper investigates the determinants of public pension plan risk-taking behavior using the percentage of total plan assets invested in the equity markets and the pension asset beta as measures of investment risk. We find that government accounting standards strongly affect public fund...

We jointly test moral hazard and tax benefit hypotheses related to the defined benefit pension plan funding and investment risk-taking decisions by incorporating the pension plan termination probabilities. We hypothesize that sponsors with different plan termination probabilities are dominated...

This paper investigates the determinants of public pension plan risk-taking behavior using the percentage of total plan assets invested in the equity markets and the pension asset beta as measures of investment risk. We find that government accounting standards strongly affect public fund...