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The Link Between Corporate Pensions and Financial Distress
Ying Duan, Edith S. Hotchkiss and Yawen Jiao, via SSRN Feb. 9, 2015
"[The authors] find that firms with DB plans typically have little exposure to the stock prior to default; the degree of underfunding increases significantly as firms near default, but is not related to restructuring types (bankruptcies versus out of court restructurings). In contrast, large exposures to company stock in DC plans often are not reduced prior to default. High levels of own-company stock ownership are positively related to default and bankruptcy probabilities."
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