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http://hdl.handle.net/10419/59218
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| Title: | | Pension accounting and corporate earnings: The world according to GAAP  |
| Authors: | | Fortune, Peter |
| Issue Date: | | 2005 |
| Series/Report no.: | | Public policy Discussion Papers, Federal Reserve Bank of Boston 06,2 |
| Abstract: | | This study's underlying premise is that current pension plan accounting has two important negative effects. First, it distorts the measurement of earnings and net worth in the short run, as well as the pattern of earnings over future periods. Second, this distortion can send incorrect signals to investors about a firm's health, resulting in the mispricing of a firm's outstanding debt and equity instruments. The author demonstrates how these distortions are introduced, examines the magnitude of the distortions, and discusses proposals for reform. |
| JEL: | | E01 G12 G23 G35 M41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Public Policy Discussion Papers, Federal Reserve Bank of Boston
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