Unfunded pension liabilities and sponsoring firm credit risk: an international analysis of corporate bond spreads

This paper tests empirically whether pension information derived by corporate pension accounting disclosures is priced in corporate bond spreads. The model represents a hybrid of more traditional accounting ratio-based models of credit risk and structural models of bond spreads initiated by Merton (1974). The model is fitted to 5 years of data from 2002 to 2006 featuring companies from the US and Europe. The paper finds that while unfunded pension liabilities are priced in the overall sample, they are not priced as aggressively as traditional leverage. Furthermore, an extended model shows that the pension–credit risk relation is most evident in the US and Germany, where unfunded pension liabilities are priced more aggressively than traditional forms of leverage. No pension–credit risk relation is found in the other countries sampled, notably the UK, Netherlands and France.

Promoting a Sense of Place: An International Study of Architecture Centres

This paper details an international research project which examined over 50 architecture centres in 23 countries including four case study subjects:
•Kent Architecture Centre, England
•Chicago Architecture Foundation
•Museum of Finnish Architecture
•Netherlands Architecture Institute
The paper analyzes the project's main findings including issues of definition, reasons for foundation, cultural policy impact and the main goals of architecture centres. It summarizes recommendations for centres as they attempt to reach their aims.