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P/Es and pension funding ratios

Leibowitz, Martin L. - ; Bova, Anthony - ;

Some evidence supports the intriguing conjecture that P/Es in the U.S. market may decline in times of both significantly lower, as well as significantly higher, real interest rates. The P/E response pattern would then resemble a tent that angles downward at both ends. For pension liabilities defined in real terms, very low real rates would then lead to a clifflike falloff in the funding ratio from the decline in equity valuations combined with surging liability costs. This article explores the risk implications of such a low-rate scenario and the equity valuations that could give rise to such a tent pattern.


Ketersediaan

Call NumberLocationAvailable
FAJ6301PSB lt.dasar - Pascasarjana1
PenerbitVirginia: CFA Institute 2007
EdisiVol. 63, No. 1, Jan. - Feb., 2007
SubjekPrice-to-Earnings Ratio (P/E)
ISBN/ISSN0015198X
KlasifikasiNONE
Deskripsi Fisik13 p.
Info Detail SpesifikFinancial Analysts Journal
Other Version/RelatedTidak tersedia versi lain
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