In this paper, we study the theory of disgorgement and its application by the Securities and Exchange Board of India (SEBI), the Indian securities regulator. We find that the SEBI justification for the use of disgorgement is grounded on the basis of the ‘equitable’ and ‘remedial’ power...

We investigate whether households adjust retirement savings decisions in re-sponse to changes in the means-tested public pension plans. The policy in question lowered the taper rate of the assets test on the age pension in Australia in 2007. We use HILDA, a detailed micro panel data-set for...

Pension indexation should anchor the parameters of the pension system to one or more economic and demographic variables to ensure that the system is implemented in a sustainable way, while minimizing distortions affecting important economic choices. Arguing that financial sustainability,...

Several targeted welfare programs across the world have made owner-occupied housing exempt from the means test, such as the Supplementary Social Income (SSI) in the US and the age pension scheme in Australia. Relatively little is known about the impact of such exemption on household portfolio...

Using the recent rounds of NSS data, this paper evaluates the performance and outreach of India's public distribution system (PDS) in the rural areas. The results suggest a significant improvement in the performance of PDS in terms of its outreach and offtake. States like Bihar and Jharkhand...

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which guarantees employment of every rural household for 100 days, has different progressive provisions which incentivise higher participation of women in the programme. Official data suggest that 47 of all MGNREGA workers are...