George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer
- Published in print:
- 2006
- Published Online:
- February 2006
- ISBN:
- 9780195305838
- eISBN:
- 9780199783342
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305833.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the ...
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This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the development, status, and current policy issues of corporate financial reporting in major countries and the European Union. The globalization of financial markets has contributed to a growing consensus that national financial reporting standards should give way to a single, harmonized set of global reporting standards. This book takes a more practical approach and reaches a different conclusion: that global standards are unlikely to be achieved, and in any event, are not likely to remain unified in the face of continued changes in markets and financial practices. National accounting standards are likely to continue to be relevant for the foreseeable future, and for that reason, the book discusses the national systems and their origins in some detail. The authors also consider a range of other substantive reporting issues, notably the debate over the issue of “fair value” measurement of assets and liabilities, which the authors reject in favor of a system that marks to market only those assets with deep traded markets, coupled with additional disclosures, where relevant.Less
This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the development, status, and current policy issues of corporate financial reporting in major countries and the European Union. The globalization of financial markets has contributed to a growing consensus that national financial reporting standards should give way to a single, harmonized set of global reporting standards. This book takes a more practical approach and reaches a different conclusion: that global standards are unlikely to be achieved, and in any event, are not likely to remain unified in the face of continued changes in markets and financial practices. National accounting standards are likely to continue to be relevant for the foreseeable future, and for that reason, the book discusses the national systems and their origins in some detail. The authors also consider a range of other substantive reporting issues, notably the debate over the issue of “fair value” measurement of assets and liabilities, which the authors reject in favor of a system that marks to market only those assets with deep traded markets, coupled with additional disclosures, where relevant.
Mariko Lin Chang
- Published in print:
- 2010
- Published Online:
- September 2012
- ISBN:
- 9780195367690
- eISBN:
- 9780199944101
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195367690.001.0001
- Subject:
- Sociology, Gender and Sexuality
Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does ...
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Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does the typical woman have only 36 cents for every dollar of wealth owned by the typical man? How is it that never-married women working full-time have only 16% as much wealth as similarly situated men? And why do single mothers have only 8% of the wealth of single fathers? The first book to focus on the differences in wealth between women and men, this is an accessible examination of why women struggle to accumulate assets, who has what, and why it matters. The book draws on the most comprehensive national data on wealth and on in-depth interviews to show how differences in earnings, in saving and investing, and, most important, the demands of care-giving all contribute to the gender-wealth gap. It argues that the current focus on equal pay and family-friendly workplace policies, although important, will not ultimately change or eliminate wealth inequalities. What the book calls the “wealth escalator”—comprised of fringe benefits, the tax code, and government benefits—and the “debt anchor” must be the targets of policies aimed at strengthening women's financial resources. The book proposes a number of practical suggestions to address the unequal burdens and consequences of care-giving, so that women who work just as hard as men will not be left standing in financial quicksand.Less
Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does the typical woman have only 36 cents for every dollar of wealth owned by the typical man? How is it that never-married women working full-time have only 16% as much wealth as similarly situated men? And why do single mothers have only 8% of the wealth of single fathers? The first book to focus on the differences in wealth between women and men, this is an accessible examination of why women struggle to accumulate assets, who has what, and why it matters. The book draws on the most comprehensive national data on wealth and on in-depth interviews to show how differences in earnings, in saving and investing, and, most important, the demands of care-giving all contribute to the gender-wealth gap. It argues that the current focus on equal pay and family-friendly workplace policies, although important, will not ultimately change or eliminate wealth inequalities. What the book calls the “wealth escalator”—comprised of fringe benefits, the tax code, and government benefits—and the “debt anchor” must be the targets of policies aimed at strengthening women's financial resources. The book proposes a number of practical suggestions to address the unequal burdens and consequences of care-giving, so that women who work just as hard as men will not be left standing in financial quicksand.
Thomas Faist
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198293910
- eISBN:
- 9780191685002
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198293910.001.0001
- Subject:
- Political Science, International Relations and Politics
This book provides a theoretical account of the causes, nature, and extent of the movement of international South-North migrants between affluent and poorer countries. The puzzle is: why are there so ...
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This book provides a theoretical account of the causes, nature, and extent of the movement of international South-North migrants between affluent and poorer countries. The puzzle is: why are there so few international migrants out of most places? And why are there so many out of so few places? Only once migration out of a few places has started do we see relatively more people moving. Mass mobility proceeds only when migrant networks turn local assets into transnational ones. The book also examines the reasons why many immigrants continue to keep ties to their places of origin, and why these ties do not hinder the adaptation of newcomers to immigration countries. These ties span immigration and emigration countries and form transnational social spaces, ranging from border-crossing families to refuges and diasporas. Transnational social formations carry far-reaching implications for immigration adaptation, dual citizenship, and transnationalising civil societies. This book provides an empirical grounding for the arguments it presents by analysing the Turkish-German example.Less
This book provides a theoretical account of the causes, nature, and extent of the movement of international South-North migrants between affluent and poorer countries. The puzzle is: why are there so few international migrants out of most places? And why are there so many out of so few places? Only once migration out of a few places has started do we see relatively more people moving. Mass mobility proceeds only when migrant networks turn local assets into transnational ones. The book also examines the reasons why many immigrants continue to keep ties to their places of origin, and why these ties do not hinder the adaptation of newcomers to immigration countries. These ties span immigration and emigration countries and form transnational social spaces, ranging from border-crossing families to refuges and diasporas. Transnational social formations carry far-reaching implications for immigration adaptation, dual citizenship, and transnationalising civil societies. This book provides an empirical grounding for the arguments it presents by analysing the Turkish-German example.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.001.0001
- Subject:
- Economics and Finance, Financial Economics
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily ...
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Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.Less
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.
Aurelia Colombi Ciacchi and Stephen Weatherill (eds)
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199594559
- eISBN:
- 9780191595714
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199594559.001.0001
- Subject:
- Law, Comparative Law, EU Law
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. ...
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Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.Less
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.
Max H. Boisot
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198296072
- eISBN:
- 9780191685194
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296072.001.0001
- Subject:
- Business and Management, Knowledge Management, Organization Studies
It is now widely recognized that the effective management of knowledge assets is a key requirement for securing competitive advantage in the emerging information economy. Yet the physical and ...
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It is now widely recognized that the effective management of knowledge assets is a key requirement for securing competitive advantage in the emerging information economy. Yet the physical and institutional differences between tangible assets and knowledge assets remain poorly understood. In the case of knowledge, the ownership and control of assets are becoming ever more separate, a phenomenon that is actually exacerbated by the phenomenon of learning. If we are to meet the challenges of the information economy, then we need a new approach to property rights based on a deeper theoretical understanding of knowledge assets. This book provides some of the key building blocks that are needed for a theory of knowledge assets. The author develops a conceptual framework, the Information-Space or I-Space, for exploring the way knowledge flows within and between organizations.Less
It is now widely recognized that the effective management of knowledge assets is a key requirement for securing competitive advantage in the emerging information economy. Yet the physical and institutional differences between tangible assets and knowledge assets remain poorly understood. In the case of knowledge, the ownership and control of assets are becoming ever more separate, a phenomenon that is actually exacerbated by the phenomenon of learning. If we are to meet the challenges of the information economy, then we need a new approach to property rights based on a deeper theoretical understanding of knowledge assets. This book provides some of the key building blocks that are needed for a theory of knowledge assets. The author develops a conceptual framework, the Information-Space or I-Space, for exploring the way knowledge flows within and between organizations.
Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0009
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a ...
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This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a Monte Carlo framework and a Conditional Value at Risk metric. The authors identify an investment strategy for plan assets that will minimize worst-case pension costs; this turns out to be 22 percent in equities, 47 percent in bonds, and 31 percent in real estate. The authors show that moving toward a funded pension system for German civil servants can be beneficial to both taxpayers and civil servants.Less
This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a Monte Carlo framework and a Conditional Value at Risk metric. The authors identify an investment strategy for plan assets that will minimize worst-case pension costs; this turns out to be 22 percent in equities, 47 percent in bonds, and 31 percent in real estate. The authors show that moving toward a funded pension system for German civil servants can be beneficial to both taxpayers and civil servants.
Sterling Gunn and Tracy Livingstone
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199592609
- eISBN:
- 9780191594618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199592609.003.0012
- Subject:
- Business and Management, Pensions and Pension Management
This chapter recounts the experience of the Canada Pension Plan Investment Board in designing and implementing its Risk–Return–Accountability Framework and risk budgeting. The implementation of a ...
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This chapter recounts the experience of the Canada Pension Plan Investment Board in designing and implementing its Risk–Return–Accountability Framework and risk budgeting. The implementation of a classic risk budgeting framework integrated with existing processes in the investment group investing in publicly traded liquid assets, but it proved to be problematic for investment groups investing in illiquid assets. Firm risk targets were established for publicly traded investments, but the team developing the risk budgeting program developed risk forecasts to better fit the business model of private investments and real estate.Less
This chapter recounts the experience of the Canada Pension Plan Investment Board in designing and implementing its Risk–Return–Accountability Framework and risk budgeting. The implementation of a classic risk budgeting framework integrated with existing processes in the investment group investing in publicly traded liquid assets, but it proved to be problematic for investment groups investing in illiquid assets. Firm risk targets were established for publicly traded investments, but the team developing the risk budgeting program developed risk forecasts to better fit the business model of private investments and real estate.
Masahiko Aoki
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199218530
- eISBN:
- 9780191711510
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218530.003.0002
- Subject:
- Business and Management, Corporate Governance and Accountability, Strategy
This chapter is concerned with the organizational architecture of business corporations as a system in which cognitions are systematically distributed among the management and the workers, while the ...
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This chapter is concerned with the organizational architecture of business corporations as a system in which cognitions are systematically distributed among the management and the workers, while the investors supply cognitive tools. Specific features of the relationships among them give rise to five generic modes of organizational architecture. It is shown that, for each mode of organizational architecture, there is a particular mode of governance that fits. It is characterized as a self-governing agreement among the three parties that satisfies the conditions of organizational sustainability, fairness, and informational economy, which transform business corporations into teams.Less
This chapter is concerned with the organizational architecture of business corporations as a system in which cognitions are systematically distributed among the management and the workers, while the investors supply cognitive tools. Specific features of the relationships among them give rise to five generic modes of organizational architecture. It is shown that, for each mode of organizational architecture, there is a particular mode of governance that fits. It is characterized as a self-governing agreement among the three parties that satisfies the conditions of organizational sustainability, fairness, and informational economy, which transform business corporations into teams.
M. Barton Waring
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0004
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully ...
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Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully evaluated to make sure that a reasonable level of ongoing contributions, together with investment income, are adequate to fund the defined benefit plan without unpleasant surprises. Unless valuation and contribution conventions change to market-valued economically based quantities, decision makers will lack the right information with which to make informed policy decisions.Less
Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully evaluated to make sure that a reasonable level of ongoing contributions, together with investment income, are adequate to fund the defined benefit plan without unpleasant surprises. Unless valuation and contribution conventions change to market-valued economically based quantities, decision makers will lack the right information with which to make informed policy decisions.
David B. Audretsch and Albert N. Link
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199730377
- eISBN:
- 9780199932795
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199730377.001.0001
- Subject:
- Business and Management, Innovation
The number of new small closely held business start-ups, which may be referred to as entrepreneurial enterprises, is growing and they continue to be the primary source for employment growth in the ...
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The number of new small closely held business start-ups, which may be referred to as entrepreneurial enterprises, is growing and they continue to be the primary source for employment growth in the United States and in most industrialized nations. However, the topic of the valuation of an entrepreneurial enterprise has for the most part been ignored because, in the view of many, traditional valuation methods are not applicable. This is because entrepreneurial enterprises do not have a history of sales and revenues upon which traditional valuation methods are built. Through conceptual discussions and numerical examples a more accurate method for dealing with the valuation issues that are relevant to an entrepreneurial enterprise is suggested.Less
The number of new small closely held business start-ups, which may be referred to as entrepreneurial enterprises, is growing and they continue to be the primary source for employment growth in the United States and in most industrialized nations. However, the topic of the valuation of an entrepreneurial enterprise has for the most part been ignored because, in the view of many, traditional valuation methods are not applicable. This is because entrepreneurial enterprises do not have a history of sales and revenues upon which traditional valuation methods are built. Through conceptual discussions and numerical examples a more accurate method for dealing with the valuation issues that are relevant to an entrepreneurial enterprise is suggested.
John Ameriks and Olivia S. Mitchell (eds)
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.001.0001
- Subject:
- Business and Management, Pensions and Pension Management
As Baby Boomers are now in their 60s, policymaker and media attention is becoming focused on how this generation will manage during its long period in retirement. This book acknowledges that many, ...
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As Baby Boomers are now in their 60s, policymaker and media attention is becoming focused on how this generation will manage during its long period in retirement. This book acknowledges that many, though not all, in this age group have accumulated substantial assets, so they are now asking themselves what they will do with what they have. The book explores of how people entering retirement will deploy their accumulated assets in the near and long term to meet their myriad spending, investment, and other objectives. The book studies emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from contributors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields.Less
As Baby Boomers are now in their 60s, policymaker and media attention is becoming focused on how this generation will manage during its long period in retirement. This book acknowledges that many, though not all, in this age group have accumulated substantial assets, so they are now asking themselves what they will do with what they have. The book explores of how people entering retirement will deploy their accumulated assets in the near and long term to meet their myriad spending, investment, and other objectives. The book studies emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from contributors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0010
- Subject:
- Economics and Finance, Financial Economics
Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over ...
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Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over the last few years; many adding to their roster of managers, while others seeking to enlist managers specializing in alternative strategies. Monitoring the performance of external asset managers is a key task of the Investment Committee, though the number of managers and the strategies used may involve a high degree of responsibility for the individual concerned, particularly the investment bursar who has a wide range of other college responsibilities. Most (98%) investment committees in Oxford and Cambridge reported being highly engaged in the manager monitoring process, with 80% claiming full responsibility.Less
Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over the last few years; many adding to their roster of managers, while others seeking to enlist managers specializing in alternative strategies. Monitoring the performance of external asset managers is a key task of the Investment Committee, though the number of managers and the strategies used may involve a high degree of responsibility for the individual concerned, particularly the investment bursar who has a wide range of other college responsibilities. Most (98%) investment committees in Oxford and Cambridge reported being highly engaged in the manager monitoring process, with 80% claiming full responsibility.
Sarah Holden and Brian Reid
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0005
- Subject:
- Business and Management, Pensions and Pension Management
With the rising importance of individual retirement accounts (IRAs), which now total one-quarter of US retirement assets, public policy has sharpened its focus on how individuals manage those ...
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With the rising importance of individual retirement accounts (IRAs), which now total one-quarter of US retirement assets, public policy has sharpened its focus on how individuals manage those accumulations through work and retirement years. Individuals are required to take distributions from their IRAs after age seventy-and-a-half, while distributions taken prior to age fifty-nine-and-a-half generally incur a ten percent penalty. Previous research has found that IRA owners rarely tapped these assets prior to retirement. This chapter updates results and shows that these patterns continue. Several factors influence the probability of withdrawal (prior to sevent-and-a-half): being younger than sixty lowers the probability of a withdrawal, but being retired, in poor health, or having a home mortgage increases the likelihood of withdrawal.Less
With the rising importance of individual retirement accounts (IRAs), which now total one-quarter of US retirement assets, public policy has sharpened its focus on how individuals manage those accumulations through work and retirement years. Individuals are required to take distributions from their IRAs after age seventy-and-a-half, while distributions taken prior to age fifty-nine-and-a-half generally incur a ten percent penalty. Previous research has found that IRA owners rarely tapped these assets prior to retirement. This chapter updates results and shows that these patterns continue. Several factors influence the probability of withdrawal (prior to sevent-and-a-half): being younger than sixty lowers the probability of a withdrawal, but being retired, in poor health, or having a home mortgage increases the likelihood of withdrawal.
G. Victor Hallman
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0006
- Subject:
- Business and Management, Pensions and Pension Management
Managing retirement payouts generally revolves primarily around securing adequate retirement income and assuring the continuity of such income for as long as the retirees live. Many commentators have ...
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Managing retirement payouts generally revolves primarily around securing adequate retirement income and assuring the continuity of such income for as long as the retirees live. Many commentators have suggested that the most efficient strategy to deal with these issues for risk-averse retirees is to annuitize retirement benefits. However, these commentators recognize that relatively few retirees actually choose life annuitization (the so-called ‘annuity puzzle’). One reason for this is the bequest or inheritance motive which involves using income-tax-favored retirement plans to pass wealth to the heirs (probably children) of the retiree or to charity. This chapter discusses the concepts, strategies, and constraints on using tax-favored retirement plans as wealth transfer devices.Less
Managing retirement payouts generally revolves primarily around securing adequate retirement income and assuring the continuity of such income for as long as the retirees live. Many commentators have suggested that the most efficient strategy to deal with these issues for risk-averse retirees is to annuitize retirement benefits. However, these commentators recognize that relatively few retirees actually choose life annuitization (the so-called ‘annuity puzzle’). One reason for this is the bequest or inheritance motive which involves using income-tax-favored retirement plans to pass wealth to the heirs (probably children) of the retiree or to charity. This chapter discusses the concepts, strategies, and constraints on using tax-favored retirement plans as wealth transfer devices.
Phyllis C. Borzi and Martha Priddy Patterson
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0008
- Subject:
- Business and Management, Pensions and Pension Management
Soon the largest cohort of workers in history will be eligible to retire: and most will have only their personal saving and a lump-sum benefit from a 401(k) plan to supplement Social Security ...
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Soon the largest cohort of workers in history will be eligible to retire: and most will have only their personal saving and a lump-sum benefit from a 401(k) plan to supplement Social Security benefits during retirement. The proceeds of these 401(k) and IRA benefits represent the largest amount of money these individuals have ever managed, and the challenges and hazards they face are enormous. This chapter evaluates the regulatory and enforcement structures in place to protect individuals from financial loss through the insolvency, fiscal mismanagement, and/or malfeasance of those who help them manage and invest their retirement distributions.Less
Soon the largest cohort of workers in history will be eligible to retire: and most will have only their personal saving and a lump-sum benefit from a 401(k) plan to supplement Social Security benefits during retirement. The proceeds of these 401(k) and IRA benefits represent the largest amount of money these individuals have ever managed, and the challenges and hazards they face are enormous. This chapter evaluates the regulatory and enforcement structures in place to protect individuals from financial loss through the insolvency, fiscal mismanagement, and/or malfeasance of those who help them manage and invest their retirement distributions.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.001.0001
- Subject:
- Economics and Finance, Financial Economics
There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are ...
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There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are able to draw on invested assets that are large by any standards. This book explores how the colleges that comprise these two universities make their investment decisions. Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over thirty constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the book explores. It analyses the objectives, investment philosophy, asset management, and governance of over sixty college and university endowment funds. Drawing on research and discussions with Oxford and Cambridge investment bursars, the book investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and carefully analyses their strategies, which range from the traditional to cutting edge.Less
There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are able to draw on invested assets that are large by any standards. This book explores how the colleges that comprise these two universities make their investment decisions. Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over thirty constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the book explores. It analyses the objectives, investment philosophy, asset management, and governance of over sixty college and university endowment funds. Drawing on research and discussions with Oxford and Cambridge investment bursars, the book investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and carefully analyses their strategies, which range from the traditional to cutting edge.
Margit Tavits
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199553327
- eISBN:
- 9780191721007
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199553327.003.0005
- Subject:
- Political Science, Comparative Politics
This chapter considers the effect of the selection mechanisms for heads of state on the nature of elections. Using a variety of methodological approaches—case studies, paired comparisons, a natural ...
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This chapter considers the effect of the selection mechanisms for heads of state on the nature of elections. Using a variety of methodological approaches—case studies, paired comparisons, a natural experiment, and statistical analyses, this chapter shows that variation in the contentiousness of presidential elections is unrelated to the mode of election. This nonfinding can be explained by the fact that parties have an incentive to compete for the office in both situations. Specifically, this chapter argues that holding the presidential office is an electoral asset for parties: it boosts parties' vote shares in parliamentary elections—an effect that is present in the case of both directly and indirectly elected presidents. The effect of holding the presidency is substantial—presidential parties gain about 6 percentage points more votes than nonpresidential parties. This result in itself is novel and is likely to be of interest to anyone studying electoral politics. The findings in this chapter also indicate that the presence of a popular incumbent president is the most significant factor decreasing the level of contention and polarization in presidential campaigns.Less
This chapter considers the effect of the selection mechanisms for heads of state on the nature of elections. Using a variety of methodological approaches—case studies, paired comparisons, a natural experiment, and statistical analyses, this chapter shows that variation in the contentiousness of presidential elections is unrelated to the mode of election. This nonfinding can be explained by the fact that parties have an incentive to compete for the office in both situations. Specifically, this chapter argues that holding the presidential office is an electoral asset for parties: it boosts parties' vote shares in parliamentary elections—an effect that is present in the case of both directly and indirectly elected presidents. The effect of holding the presidency is substantial—presidential parties gain about 6 percentage points more votes than nonpresidential parties. This result in itself is novel and is likely to be of interest to anyone studying electoral politics. The findings in this chapter also indicate that the presence of a popular incumbent president is the most significant factor decreasing the level of contention and polarization in presidential campaigns.
Robert L. Clark and Olivia S. Mitchell (eds)
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199592609
- eISBN:
- 9780191594618
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199592609.001.0001
- Subject:
- Business and Management, Pensions and Pension Management
Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global ...
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Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise to serious questions about the future of retirement in America and around the world. This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those acting as plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described that can help retirement plan financing innovate. Experts provide new research and offer policy recommendations, illustrating how retirement plans can be amended to better meet the retirement needs of workers and firms. This volume will be a welcome addition to the libraries of everyone focused on retirement security.Less
Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise to serious questions about the future of retirement in America and around the world. This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those acting as plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described that can help retirement plan financing innovate. Experts provide new research and offer policy recommendations, illustrating how retirement plans can be amended to better meet the retirement needs of workers and firms. This volume will be a welcome addition to the libraries of everyone focused on retirement security.
Dr. Ben S. Branch, Hugh M. Ray, and Robin Russell
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780195306989
- eISBN:
- 9780199783762
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195306989.003.0007
- Subject:
- Economics and Finance, Financial Economics
This chapter sets out the process for finding and evaluating the liquid assets, illiquid assets, disputed assets, wasting assets, and contingent assets of the business. To describe what to do with ...
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This chapter sets out the process for finding and evaluating the liquid assets, illiquid assets, disputed assets, wasting assets, and contingent assets of the business. To describe what to do with them, the standard asset valuation and sale methods are discussed. The bankruptcy sale procedure guidelines and the guidelines for employing investment bankers, art dealers, appraisers, auctioneers, and the like to assist in the sale process are set forth. The aim is to understand the appropriate disposition methods for particular assets (i.e., sale options), determine the price of each asset to be liquidated, and understand the abandonment option if circumstances so warrant.Less
This chapter sets out the process for finding and evaluating the liquid assets, illiquid assets, disputed assets, wasting assets, and contingent assets of the business. To describe what to do with them, the standard asset valuation and sale methods are discussed. The bankruptcy sale procedure guidelines and the guidelines for employing investment bankers, art dealers, appraisers, auctioneers, and the like to assist in the sale process are set forth. The aim is to understand the appropriate disposition methods for particular assets (i.e., sale options), determine the price of each asset to be liquidated, and understand the abandonment option if circumstances so warrant.
