This paper examines empirically the effect of unfunded pension obligations on corporate share prices and discusses the implications of these estimates for national saving, the decline of the stock market in recent years, and the rationality of corporate financial behavior. The analysis uses the...

This paper examines empirically the effect of unfunded pension obligations on corporate share prices and discusses the implications of these estimates for national saving, the decline of the stock market in recent years, and the rationality of corporate financial behavior. The analysis uses the...

The Capital Markets reform of 2001 in Chile (MK I) established a tax exemption for income from capital gains from the sale of stocks with high trading volume. the goals of the reform were to increase participation, size, and liquidity in the local stock market. However, it is not clear how a tax...