This paper reviews changes in pension policies in EU countries between 1995 and2005 and describes how they might affect risk of poverty for future pensionerpopulations. The pension landscape in Europe has changed considerably in the pastdecade and the paper highlights commonalities as well as...

On theoretical grounds, monitoring of top executives by the (supervisory) board is expectedto be value relevant. The empirical evidence is ambiguous and we analyze three noncompetingexplanations for this ambiguity: (i) The positive effect on firm value of boardmonitoring is hidden in stock price...

We model deferred compensation as a share of an uncertain futureprofit granted by a financially constrained employer to her employeein mutual agreement. Deferred compensation serves as a retentionmechanism, helping the employer to avoid bankruptcy. The optimalcombination of cash and deferred...

A pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks toindividuals´ labor and capital income over the life cycle. By means of a model that providesilluminating closed form solutions, we demonstrate that the magnitude of the optimal paygoprogram and the nature...

The abolition or reform of unfunded pensions will generally make members of a transitional generation worse-off, because of the "double burden" of funding their own retirement along with that of paying off the unfunded pension liability. Reform will also lower the time-path of interest rates,...

A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BEV) flat ratepay-as-you-go (PAYG) pension scheme will raise the variance of personal replacementratios and, hence, the variance of individual interest-saving elasticities. A monopolisticfinancial sector can then make greater...

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform has long-run benefits, there will still be a “doubleburden”problem for a transitional generation. Assuming that there is an asset whichdiscounts the present value of an income...

Die vorliegende Arbeit möchte, vor dem Hintergrund gesellschaftlicher und ökonomischer Charakteristika Deutschlands einerseits und Rußland andererseits Vorzüge und Nachteile der alternativen Finanzierungssysteme einer gesetzlichen Rentenversicherung zu diskutieren.

Das Nebeneinander von gesetzlicher(GKV) und und privater (PKV) Krankenversicherungim deutschen Krankenversicherungssystemführt zu erheblichen Problemen.Überdurchschnittlich gesunde Personen undPersonen mit einem überdurchschnittlichhohen Einkommen wandern in die PKV ab –und gefährden damit...

We re-examine the labor donation theory of not-for-profits and show that these organizations may exist notnecessarily because motivated workers prefer to work in them, or that they dominate for-profits in terms ofwelfare, but because the excess supply of motivated workers makes the non-profit...