The role of investor type in the fee structures of pension plans

The final publication is available at Springer via http://dx.doi.org/10.1007/s10693-015-0230-1

Infrastructure, the crisis, and pension funds

Infrastructure investment has been an important element in the economic stimulus packages introduced to try and deal with the effects of the recession. It is reinforced by the need to develop sustainable energy sources, and by the development needs of countries in the south. Public sector finance – tax revenues and bonds – remain the main way of financing such investment. The use of PPP projects to finance and operate infrastructure services, and the development of infrastructure funds as a way of investing in them, are both dangerous and unnecessary.

Pension structural reforms, re-reforms and their effects on social welfare: The case of Chile

This article fi rst summarizes the structural reforms of pensions (total or partial privatization) in Latin America and Central and Eastern Europe, identifying their advantages and disadvantages, and does the same with the international process of re-reforms of pensions with a greater role of the state. Second, chooses Chile as a case study, as a world pioneer in both types of reforms; describes their characteristics and effects on social welfare of the structural reform of 1981 and the re-reform of 2008. Such effects are evaluated based on ten basic principles of social security from the International Labour Offi ce (ILO): 1) social dialogue to approve the reforms, 2) universal coverage of the population, 3) equal treatment of insured persons, 4) social solidarity, 5) gender equity, 6) suffi ciency of benefi ts, 7) effi ciency and reasonable administrative cost, 8) social participation in the management of the system, 9) role of the state and supervision, and 10) fi nancial sustainability. Third, it summarizes the advantages and disadvantages-challenges of the re-reform and informs on the current debate for further reforms.

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.

Unfunded Pension Liabilities and the Corporate CDS Market

This article examines the impact of pension deficits on default risk as measured by the premia on corporate credit default swaps (CDS). We find highly significant evidence that unfunded pension liabilities raise one- and five-year CDS premia. However, this relation is not homogeneous across countries, with the U.S. CDS market leading its European counterparts in the pricing of defined-benefit pension risk.

A Pension for Injured Victims of the Troubles: Reparations or Reifying Victim Hierarchy?

Reparations have been often used victim-centred measures to redress both private harm and gross violations of human rights. However, with the increasing occurrence of internal armed conflict and political violence, identities of victims and perpetrators in protracted conflicts can become blurred for some individuals. In countries like Peru and Northern Ireland that have suffered protracted violence, victimhood has been contested around which individuals are seen as innocent and deserving to exclude any members of non-state armed groups from claiming reparations. This article explores the issue of a proposed bill on a pension for injured victims of the Troubles in Northern Ireland. It identifies that there is no consistent state practice or human rights jurisprudence in this area, but instead offers a more complex approach through four models that can grapple with the seeming diametrically opposed victimhood and responsibility, by including victimised-perpetrators in reparations programmes such as that proposed for a pension of seriously injured victims in Northern Ireland.

Comment réduire le gaspillage alimentaire dans l’industrie agroalimentaire au Québec?

L’objectif général de cet essai est de proposer des solutions qui facilitent la réduction du gaspillage alimentaire dans l’industrie agroalimentaire au Québec. Le gaspillage alimentaire se produit à toutes les étapes de la chaîne agroalimentaire. Les pertes économiques sont énormes. Chaque jour, des tonnes de denrées comestibles sont jetées, alors que plusieurs personnes ne mangent pas à leur faim. Le gaspillage alimentaire provoque une importante utilisation inutile de ressources naturelles et une grande pollution environnementale. L’analyse de la problématique du gaspillage alimentaire a permis de constater que ce phénomène est peu étudié au Québec. Le gouvernement québécois n’est pas assez impliqué dans la lutte au gaspillage alimentaire. Les actions gouvernementales prévues ont été retardées. Des solutions étrangères de réductions des pertes alimentaires ont été analysées pour déterminer leur pertinence pour le Québec. La belle province fait piètre figure si elle est comparée à certains États et à son homologue canadien la Nouvelle-Écosse. Les conclusions de l’essai montrent qu’une réduction efficace du gaspillage alimentaire au Québec passe par la mise en place d’actions concrètes dans les secteurs public et privé. Dans l’industrie agroalimentaire, les critères esthétiques pour les aliments et la mise au rebut des produits moins frais sont les axes d’intervention à privilégier. Dans le domaine public, la législation est le moyen priorisé pour l’atteinte des objectifs québécois en matière de détournement des résidus organiques. Les initiatives proposées à l’industrie agroalimentaire sont des options très intéressantes, car elles deviennent rapidement profitables. Il est conseillé au ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques d’aller de l’avant avec son projet de loi interdisant l’enfouissement des résidus putrescibles. Revenu Québec devrait changer la réglementation pour rendre le don alimentaire plus profitable pour les entreprises. La modification des champs d’application du double système de datation canadien par Santé Canada faciliterait l’interprétation de la date de péremption.