ABSTRACT In this study, we examine whether the stock market pricing of the funding status of pension plans has improved after the adoption of SFAS 158. We find that the overvaluation of firms with severely underfunded pension plans, as documented in the prior literature, is no longer observed in the years after the adoption of SFAS 158. In addition, we find that the positive effect of SFAS 158 adoption in mitigating the mispricing of the funding status of pension plans is more pronounced for firms with a larger amount of off-balance-sheet disclosed pension liabilities. Overall, our results suggest that SFAS 158 has enhanced investors’ valuation of the funding status of pension plans, particularly due to the requirement for previously disclosed pension liabilities to be recognized on the balance sheet.

中文翻译：

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SFAS 158 对养老金计划资金定价错误的影响

摘要 在本研究中，我们检验了在采用 SFAS 158 后，养老金计划资金状况的股票市场定价是否有所改善。我们发现，如先前文献中所记录的那样，养老金计划资金严重不足的公司的高估是没有意义的。在采用 SFAS 158 后的几年中观察到的时间更长。此外，我们发现采用 SFAS 158 在减轻养老金计划融资状况的错误定价方面的积极影响对于拥有大量非平衡-表披露了养老金负债。总体而言，我们的结果表明，SFAS 158 提高了投资者对养老金计划资金状况的估值，特别是由于要求在资产负债表上确认先前披露的养老金负债。