<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading>We examine high-volume premiums based on weekly risk-adjusted returns. Significant average weekly abnormal high-volume premiums up to 0.50% per week are documented for 1962-2005. Most premiums are generated in the first two weeks and monotonically decline as holding periods are extended....

Corporate sponsors of defined benefit pension plans generally assume low investment risk when they have low funding ratios and high default risk, consistent with the risk management hypothesis. However, for financially distressed sponsors and sponsors that freeze, terminate, or convert defined...