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...

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...

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...

Using accounting data from just over 100 Italian companies we construct various measures of exposure to severance pay. We then examine how these measures are related to subsequent market measures of risk. We find little relationship between corporate Italian severance pay exposure and either...

This paper considers the extensive literature from the US which has developed spending rules for endowments and foundations, and attempts to consider the impact of applying such rules to European foundations under a range of scenarios. By undertaking a broad-ranging investigation of this nature...

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...