We examine how financial analysts and equity investors incorporate information on deferred taxes from carryforwards into earnings forecasts and share prices, respectively. We focus on carryforwards because in providing this information each period, management must use their private information...

This paper describes how three money's worth measures - the benefit-to-tax ratio, the internal rate of return, and the net present value -are calculated and used in analyses of social security reforms, including systems with privately managed individual accounts invested in equities. Declining...