Spurred on by the recent financial crises, a growing number of institutional investors are working to bypass traditional financial intermediaries, agents and centers through the development of in-house teams of investment professionals. As such, the institutional investment community, which is...

Managing (or at least slowing) the decline of private defined benefit (DB) pensions has been a top priority for US policymakers. Any market-related developments or regulatory changes that alter the provision or sustainability of private DB pensions in other countries are thus relevant to policy...

Canadian Medicare, the government financed national health care system, is seen by many as enhancing both social welfare and competitiveness. If true, this will broaden and further existing conceptions of competitiveness in Canada and beyond. Moreover, it will have important implications for the...

Burdensome past commitments are currently threatening a concentrated group of industries and communities, predominantly in the US Midwest. Beginning with reference to the bankruptcy of Delphi Corporation, this paper documents the crisis for 'old economy firms' with significant legacy costs. In...

Once an integral component of company-sponsored compensation schemes in many western economies, private defined benefit (DB) pensions are in decline. For many, DB schemes (and their related health care liabilities, depending on the jurisdiction) have hobbled the financial well-being of plan...