The adequacy of retirement savings is central to the U.S. debate over the effects of Social Security reform and pension changes that would place greater responsibility on individuals for accumulation of retirement resources. We contribute to this discussion by examining the extent to which...

Evidence from many countries in recent years suggests that collateral values and recovery rates on corporate defaults can be volatile and, moreover, that they tend to go down just when the number of defaults goes up in economic downturns.(...)

Accounting-based profit distribution restrictions have been a key issue of the EU's company law harmonisation efforts. At present, the concept of creditor protection via the maintenance of a minimum level of nominal capital is challenged in several respects: (i) With its recent rulings, the...

This paper provides an overview for understanding the concept of capital maintenance and its relation to measurement. While there is extensive prior literature on this issue the focus of this literature is to provide a taxonomy of various methods of inflation accounting. This paper summarises...

The adequacy of retirement savings is central to the U.S. debate over the effects of Social Security reform and pension changes that would place greater responsibility on individuals for accumulation of retirement resources. We contribute to this discussion by examining the extent to which...