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.

‘Supra-stewardship’: A Tool for Citizen Participation in European Union Pandemic Preparedness Planning

This article proposes developing the public bioethics aspect of stewardship and applying it to the EU as ‘supra-stewardship’, a tool for opening a discursive space for citizen participation in EU preparedness planning. With this in mind the article highlights some of the contours for engagement on the boundaries of responsibility and the production of governance distortions and failures brought out by attention to framing, distribution, vulnerability and learning. This should help citizens to tackle the complementary expert and public rationalities that undermine their involvement, contribute supplementary knowledge towards governance, and help promote institutional learning by the EU and resilience.

Engaging with the European Union? Exploring the Europeanization of the British National Party

Hostility towards the process of European integration is generally considered to constitute one of the hallmarks of the far right ‘family’ in Europe. This article acknowledges such opposition but it also recognises that the rhetoric is often at odds with actual policy activities and aspirations. Not only have far right parties long advocated greater European inter-party co-operation but they are now actively pursuing engagement with the European Union, especially the European Parliament, as a means of advancing their own strategic interests and boosting their finances. This article focuses on one far right party, namely the British National Party (BNP) and examines the party's approach towards the EU, its activities within the EP and its efforts to boost pan European cooperation through the new Alliance of European National Movements (AENM). It argues that the party's engagement with the European Union may have allowed the BNP to take advantage of new political opportunity structures but in turn, opened it up to Europeanization and made it increasingly dependent on the EU.

The Union Flag: Change and Diversity

This is an exhibition of many, though not all, of the Union Jack–type designs which have been displayed in Northern Ireland over the last decade. The flags show the imagination of their designers in re-imagining the Union Flag – often to celebrate specific events such as a royal wedding or jubilee, the end of World War II, or the centenary of the signing of the Ulster Covenant.

Comparing Poverty Indicators in an Enlarged European Union

In this article, we explore the extent to which a consideration of welfare regime and socioeconomic differences in poverty levels and patterns can assist us in making an informed assessment of alternative poverty indicators. Poverty in the EU is normally defined in terms of income thresholds at the level of each member state. However, with the enlargement of the EU, such measures have come in for increasing criticism. One set of reservation relates to the limitations imposed by an entirely national frame of reference. An alternative critique focuses on the fact that low income is an unreliable indicator of poverty. In this article, we seek to explore the strength of both arguments by comparing the outcomes associated with ‘at risk of poverty’ and consistent poverty at both national and EU levels. Developing an appropriate assessment of poverty levels in the enlarged EU, particularly in periods of rapid change, is likely to require that we make use of a number of indicators none of which capture the full complexity of cross-national poverty outcomes. However, our analysis suggests that if a choice is to be made between the available indicators, the ‘mixed consistent poverty’ indicator developed in this study is best suited to achieving the stated EU objective of assessing the scale of exclusion from minimally acceptable standards of living in individual countries while also measuring the extent to which the whole population of Europe is sharing in the benefits of high average prosperity.

Income, deprivation and economic stress in the enlarged European Union

At risk of poverty indicators based on relative income measures suggest that within the enlarged EU societies located at quite different points on a continuum of affluence have similar levels of poverty. Substantial differences in levels of income between societies do not in themselves invalidate this approach. However, the relative income approach fails to capture the fact that, if countries are grouped in terms of level of GDP, between economic cluster differences in life-style deprivation are sharper at lower income levels. Support for the argument relating to restricted reference groups is found in relation to the contrast between the twelve most affluent EU countries and all others. The limitations of relative income poverty lines have little to do with the process of enlargement as such. Instead the major problem involves the weak association between income and deprivation in the more affluent countries. However, as a consequence of such difficulties, such indicators do not provide entirely meaningful comparisons of levels of disadvantage across economic clusters. The current analysis, rather than supporting the alternative of a focus on absolute income or an EU wide poverty line, suggests that we should take the argument for adopting a multidimensional approach to the measurement of poverty more seriously.