This paper examines the empirical link between severance pay and corporate finance. Severance pay is an economic debt of the employer and hence should be taken into account by the market in its assessments of risk. Using a hand collected dataset of accounting data from Italy and Austria we find...

The paper explores the relationship between UK property returns and inflation in the short, medium and long-term to assess the claim that real estate is an effective inflation hedge. Although a perfect one-one relationship with inflation is not found, the paper unveiled some evidence of a...

The paper analyses the behaviour of the equity premium in the UK. We find that lagged dividend ratios, bill returns and time series factors all play a statistically significant role in explaining the historical variation of the equity premium. Our analysis finds that the conditional variance of...

European foundations are a very heterogeneous pool of institutions whose defining characteristics often depend on local factors and the regulatory environment. In comparison with the US, foundations in Europe have played a less prominent role until now and have certainly been far less...

The academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to...