However,sincetheseanticipatedreturn

However,sincetheseanticipatedreturnsarelong-term,theyshouldhavesmallvariationovertime.27 Moreover,weinclude
yearfixedeffectsinallofourspecifications,whichreducetheinfluenceofnotallowingforinter-temporalvariation.In
robustnesstests,weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepension
plans toallowforinter-temporaldifferencesintheexpectedinvestmentreturnassumptions.Theresultsofthesetestsare
similar tothosereportedinthepaper.

ผลลัพธ์ (ไทย) 1:

อย่างไรก็ตาม Moreover sincetheseanticipatedreturnsarelong term,theyshouldhavesmallvariationovertime.27, weincludeyearfixedeffectsinallofourspecifications, whichreducetheinfluenceofnotallowingforinter-temporalvariationในrobustnesstests, weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepensionแผน toallowforinter-temporaldifferencesintheexpectedinvestmentreturnassumptionsTheresultsofthesetestsaretothosereportedinthepaper เหมือนกัน

ผลลัพธ์ (ไทย) 2:

อย่างไรก็ตาม sincetheseanticipatedreturnsarelong ยาว theyshouldhavesmallvariationovertime.27 tothosereportedinthepaper

ผลลัพธ์ (ไทย) 3:

อย่างไรก็ตาม sincetheseanticipatedreturnsarelong ระยะยาว theyshouldhavesmallvariationovertime.27 นอกจากนี้ weinclude
yearfixedeffectsinallofourspecifications whichreducetheinfluenceofnotallowingforinter , temporalvariation .

robustnesstests weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepension , แผน toallowforinter temporaldifferencesintheexpectedinvestmentreturnassumptions .theresultsofthesetestsare
คล้ายกัน tothosereportedinthepaper .