Securities market response to pension fund termination: A reply.

This article is a reply to the commentary by Professors Fred Mittelstaedt and Philip R. Regier (M&R) on a paper by the authors on securities market response to pension fund termination. They feel M&R incorrectly portrayed their research, specifically issues regarding property rights of excess pension assets and the termination of those funds. They also defend their methodology and hypothese of market reaction. However, despite their areas of dispute, the author believe M&R pointed out important areas of future research.