讲座题目：Asymmetric and Heterogeneous Pension Discount Rates
主讲人：Michael Goldstein
时间：2026年6月2日15:00-16:30
地点：创新港涵英楼经济金融研究院8121报告厅
报告人简介：
Michael A. Goldstein，巴布森学院金融系讲席教授、系主任，主要研究方向为气候金融、金融市场、极地金融等；研究成果发表于Nature、Journal of Finance、Journal of Financial Economics、Review of Financial Studies、Management Science、Journal of Financial and Quantitative Analysis、Water Resources Research、Climatic Change、Nature --Scientific Reports等国际顶级学术期刊；主持美国国家科学基金会旗舰课题等重大科研项目；担任Financial Management、Journal of Climate Finance、Journal of Financial Market、International Review of Financial Analysis等国际权威学术期刊主编或副主编，担任金融管理学会主席等学术职务；曾任美国金融业监管局经济顾问委员会主席、纳斯达克证券交易所经济咨询委员会主席；先后获得美国金融管理协会、美国东部金融协会最佳论文奖。
摘要：
We document evidence that U.S. firms strategically manage pension discount rates to influence reported pension expenses. Firms adjust discount rates asymmetrically, lowering them gradually as market rates decline but increasing them swiftly when market rates rise. Cross-sectionally, more productive and financially distressed firms are more likely to set higher pension discount rates. By delaying the recognition of pension obligations, firms understate reported pension liabilities and pension expenses, improving balance-sheet strength and credit-related financial ratios. Consistent with models of endogenous debt capacity under financing frictions, these accounting-driven balance-sheet improvements expand borrowing capacity: a one–standard–deviation increase in the pension discount rate raises the likelihood of issuing new corporate bonds by about 9.2 percent.
