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Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan : Impact of CVaR Cost Constraints

Maurer, Raimond - 2008

Using a Monte Carlo framework, we analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for German civil servants, allowing for alternative strategic contribution and investment patterns. In the process we integrate a Conditional Value at Risk...

Persistent link: https://www.econbiz.de/10012464316

Uncertainty and Change : Survey Evidence of Firms' Subjective Beliefs

Bachmann, Ruediger; Carstensen, Kai; Lautenbacher, Stefan; … - National Bureau of Economic Research - 2021

This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if...

Persistent link: https://www.econbiz.de/10012660107

Uncertainty Business Cycles - Really?

Bachmann, Ruediger - 2011

Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within the framework of a heterogeneous-firm dynamic stochastic general equilibrium model with fixed capital adjustment costs. In such a model, surprise increases of risk lead to a...

Persistent link: https://www.econbiz.de/10012461796

Footnotes Aren't Enough : The Impact of Pension Accounting on Stock Values

Coronado, Julia - 2008

Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net liabilities embedded in financial statements, taken at face value, can provide very misleading picture...

Persistent link: https://www.econbiz.de/10012464921

Discounting Pension Liabilities : Funding versus Value

Brown, Jeffrey R. - 2015

We argue that the appropriate discount rate for pension liabilities depends on the objective. In particular, if the objective is to measure pension under- or over- funding, a default-free discount rate should always be used, even if the liabilities are themselves not default-free. If, instead,...

Persistent link: https://www.econbiz.de/10012457391

The Fiscal Stress Arising from State and Local Retiree Health Obligations

Lutz, Byron - 2014

A major factor weighing down the long-term finances of state and local governments is the obligation to fund retiree benefits. While state and local government pension obligations have been analyzed in great detail, much less attention has been paid to the costs of the other major retiree...

Persistent link: https://www.econbiz.de/10012458884

The Rise of Domestic Outsourcing and the Evolution of the German Wage Structure

Goldschmidt, Deborah - 2015

growth of domestic outsourcing in Germany since the early 1990s. Event-study analyses show that wages in outsourced jobs fall … to contracting firms. For this end we develop a new method for identifying outsourcing of food, cleaning, security and … logistics services in administrative data using the universe of social security records in Germany. We document a dramatic …

Persistent link: https://www.econbiz.de/10012457302

Research in Accounting for Income Taxes

Graham, John - 2010

This paper comprehensively reviews Accounting for Income Taxes (AFIT). The first half provides background and a primer on AFIT. The second half reviews existing studies in detail and offers suggestions for future research. We emphasize the research questions that have been addressed (most of...

Persistent link: https://www.econbiz.de/10012462987

The Economics of Earnings Manipulation and Managerial Compensation

Crocker, Keith J. - 2006

This paper examines managerial compensation in an environment where managers may take a hidden action that affects the actual earnings of the firm. When realized, these earnings constitute hidden information that is privately observed by the manager, who may expend resources to generate an...

Persistent link: https://www.econbiz.de/10012466016

Australian Government Balance Sheet Management

Au-Yeung, Wilson - 2006

Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk

Persistent link: https://www.econbiz.de/10012466348

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