...Fang Sun; Xiangjing Wei Purpose In this paper, the impact of stock-based compensation and further the joint effects of stock-based compensation and investor sentiment on pension discount rate choice is examined. Design/methodology/approach The hypotheses is tested using fixed effects models...

... stimulate useful empirical research on adjustment estimates and on best practices for applying the model. Practical implications The paper may encourage more use of the incomplete-information adjustment in practice, which should lead to improved discount rate estimates in valuation analyses...

...Fang Sun; Xiangjing Wei Purpose The purpose of this paper is to examine how investor sentiment, proxied by Michigan consumer confidence index, affects the choice of defined benefit pension plan discount rates. Design/methodology/approach The authors use multivariate analysis to test our...

...Pradip K. Bhaumik Purpose – Despite many troublesome aspects in its use, the risk-adjusted discount rate has survived and continues to be extensively used by practitioners. While the appropriate discount rate for projects as risky as the current business operations of the firm can be estimated...