However,sincetheseanticipatedreturn

However,sincetheseanticipatedreturnsarelong-term,theyshouldhavesmallvariationovertime.27 Moreover,weinclude
yearfixedeffectsinallofourspecifications,whichreducetheinfluenceofnotallowingforinter-temporalvariation.In
robustnesstests,weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepension
plans toallowforinter-temporaldifferencesintheexpectedinvestmentreturnassumptions.Theresultsofthesetestsare
similar tothosereportedinthepaper.
The secondelementofourdecomposition,ASSET_OVSTMT,isequaltothedifferencebetweenthesmoothedvalueof
pension assetsusedintheactuarialvaluationandthemarketvalueofpensionassets.TheGASBrules,whichallowforthe
amortization ofinvestmentgainsandlossesovertime,providestateswiththeabilitytochangeamortizationapproachesto
provideimmediatebudgetrelief.Wenotethatthesediscretionarychangesareusuallyconfinedtoperiodsimmediately
followingasignificantstockmarketboomordecline,28 and thusarelikelytohavethemostimpactduringperiodsoffiscal
distressorwellbeing.
The finalelement,LIAB_UNDSTMT_RULE,isequaltothedifferencebetweenourestimateofthediscretion-freepension
liability andthepensionliabilitycalculatedusingtheTreasuryyields.UsingtheTreasuryyieldstodiscountthepension
liability isreasonableinthatpromisedpensionbenefitsareprotectedbystateconstitutionsanditislegallydifficult(ifnot
impossible) tobreakthispromise.However,inrobustnesstests,weinvestigatewhetherourresultsaresensitivetotheuse
of eitherAacorporatebondratesorstategeneralobligation(GO)bondyieldsasalternativediscountrates.Tocalculatethe
appropriaterateforeachplan,wematchthediscountratetothedurationofthepensionplan.29 When wecannotfinda
perfect match,weinterpolatetheyieldsbetweenthetwoclosestmaturities.30

ผลลัพธ์ (ไทย) 1:

อย่างไรก็ตาม Moreover sincetheseanticipatedreturnsarelong term,theyshouldhavesmallvariationovertime.27, weincludeyearfixedeffectsinallofourspecifications, whichreducetheinfluenceofnotallowingforinter-temporalvariationในrobustnesstests, weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepensionแผน toallowforinter-temporaldifferencesintheexpectedinvestmentreturnassumptionsTheresultsofthesetestsaretothosereportedinthepaper เหมือนกันIsequaltothedifferencebetweenthesmoothedvalueof secondelementofourdecomposition, ASSET_OVSTMTเพนชั่น assetsusedintheactuarialvaluationandthemarketvalueofpensionassetsTheGASBrules, whichallowfortheตัดจำหน่าย ofinvestmentgainsandlossesovertime, providestateswiththeabilitytochangeamortizationapproachestoprovideimmediatebudgetreliefWenotethatthesediscretionarychangesareusuallyconfinedtoperiodsimmediatelyfollowingasignificantstockmarketboomordecline, 28 และ thusarelikelytohavethemostimpactduringperiodsoffiscaldistressorwellbeingFinalelement, LIAB_UNDSTMT_RULE, isequaltothedifferencebetweenourestimateofthediscretion-freepensionความรับผิดชอบ andthepensionliabilitycalculatedusingtheTreasuryyields.UsingtheTreasuryyieldstodiscountthepensionความรับผิดชอบ isreasonableinthatpromisedpensionbenefitsareprotectedbystateconstitutionsanditislegallydifficult (ifnottobreakthispromise เป็นไปไม่ได้)อย่างไรก็ตาม inrobustnesstests, weinvestigatewhetherourresultsaresensitivetotheuseของ eitherAacorporatebondratesorstategeneralobligation (ไป) bondyieldsasalternativediscountratesTocalculatetheappropriaterateforeachplan,wematchthediscountratetothedurationofthepensionplan.29 เมื่อ wecannotfindamatch,weinterpolatetheyieldsbetweenthetwoclosestmaturities.30 โก

ผลลัพธ์ (ไทย) 2:

อย่างไรก็ตาม sincetheseanticipatedreturnsarelong ยาว theyshouldhavesmallvariationovertime.27 tothosereportedinthepaper. secondelementofourdecomposition, ASSET_OVSTMT, isequaltothedifferencebetweenthesmoothedvalueof เงินบำนาญ และ thusarelikelytohavethemostimpactduringperiodsoffiscal distressorwellbeing. tobreakthispromise.However, inrobustnesstests, weinvestigatewhetherourresultsaresensitivetotheuse ของ เมื่อ wecannotfinda คู่ที่สมบูรณ์แบบ, weinterpolatetheyieldsbetweenthetwoclosestmaturities.30

ผลลัพธ์ (ไทย) 3:

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

robustnesstests weuseanalternativemeasurebasedontheaverageexpectedreturnassumptionforcorporatepension , แผน toallowforinter temporaldifferencesintheexpectedinvestmentreturnassumptions .theresultsofthesetestsare คล้ายกัน tothosereportedinthepaper
.
secondelementofourdecomposition asset_ovstmt isequaltothedifferencebetweenthesmoothedvalueof
, , เพน assetsusedintheactuarialvaluationandthemarketvalueofpensionassets . thegasbrules whichallowforthe , จำหน่าย ofinvestmentgainsandlossesovertime providestateswiththeabilitytochangeamortizationapproachesto

, provideimmediatebudgetrelief .wenotethatthesediscretionarychangesareusuallyconfinedtoperiodsimmediately
followingasignificantstockmarketboomordecline , 28 และ thusarelikelytohavethemostimpactduringperiodsoffiscal distressorwellbeing
.
finalelement liab_undstmt_rule isequaltothedifferencebetweenourestimateofthediscretion freepension
, , ความรับผิด andthepensionliabilitycalculatedusingthetreasuryyields .isreasonableinthatpromisedpensionbenefitsareprotectedbystateconstitutionsanditislegallydifficult รับผิด usingthetreasuryyieldstodiscountthepension
( ifnot
เป็นไปไม่ได้ ) tobreakthispromise อย่างไรก็ตาม inrobustnesstests weinvestigatewhetherourresultsaresensitivetotheuse
, ของ eitheraacorporatebondratesorstategeneralobligation ( ไป ) bondyieldsasalternativediscountrates tocalculatethe
.appropriaterateforeachplan wematchthediscountratetothedurationofthepensionplan.29 , เมื่อ wecannotfinda
ตรงกับสมบูรณ์ weinterpolatetheyieldsbetweenthetwoclosestmaturities.30