UK state pension reform in a public choice framework

Social security systems for old age have been explicitly studied in a public choice framework for over 30 years. They illustrate extremely well the problems of allocating economic resources through a system of voting.

This paper examines the incentives facing voters to expand state pension provision and the possibilities of reducing state pension provision by increasing state pension age. As such it is of great relevance for the study of policy in ageing societies where implicit pension liabilities are increasing and will prove difficult to reduce.

Updated: 14/01/2013
Comments:
Views: 4,347

Are positive reactions to bad news plausible? The consideration of fraud in audit and reporting delays

Author(s):

Andrew Yim

Topic:
Finance

In June 2009 came the news of the alleged fraud in Countrywide Financial, one of the largest mortgage loan providers in the US before the credit crunch hit. The allegation against Countrywide reminded people of an unfulfilled role of auditors in the financial market: fraud detection.

Considering previous literature, the majority of which focuses on accounting fraud, this paper focuses on the misappropriation of assets and draws a range of conclusions.

Updated: 14/01/2013
Comments:
Views: 4,015

Public sector efficiency: leveling the playing field between OECD countries

Author(s):

Manthos Delis

Topic:
Finance
Industry:
Public Policy

It has long been recognised that the efficient function of the public sector is a prerequisite for a country's competent economic performance.

This paper aims to identify a robust methodology for the measurement of the relative public sector efficiency (government efficiency) of 19 OECD countries over the period 1980-2000.

Updated: 06/02/2013
Comments:
Views: 3,899

Monetary policy, asset prices and actuarial practice

Author(s):

Philip Booth


The operation of monetary policy may have an impact on securities markets and asset values. This is of relevance to many in the actuarial industry, particularly to actuaries who work in non-bank financial institutions such as pension funds and insurance companies.

This review paper presents mainstream theories of monetary policy and draws out the implications that are regarded as most important for actuaries and actuarial research.

Updated: 14/01/2013
Comments:
Views: 3,533

Seasonal patterns in household giving in the UK

Ideally, charities require a regular income throughout the year to enable them to plan ahead. Data from the national Expenditure and Food Survey however reveals that levels of giving fluctuate throughout the year. The research also highlights the differing patterns of giving for different types of households.

Updated: 06/02/2013
Comments:
Views: 4,235

What does equity sector orderflow tell us about the economy?

Investors rebalance their portfolios as their views about expected returns and risk change.

In this study empirical measures of portfolio rebalancing were used to back out investors' views, specifically their views about the state of the economy.

Contrary to many theories of price formation, did trading activity therefore contain information that that is not entirely revealed by resulting relative price changes?

Updated: 14/01/2013
Comments:
Views: 3,871

Governance, Ownership Structure and Performance of IPO Firms

Recent trends in corporate governance research show an increased concern with the relationships between stock ownership and corporate performance, but what is the impact of different types of Private Equity Investors? Does the institutional environment have an effect?

A research team including Professor Igor Filatotchev, Professor of Corporate Governance and Strategy, have investigated this further.

Updated: 14/01/2013
Comments:
Views: 4,488

Roads to ruin: A study of major risk events

This major research report, produced by Cass for Airmic (the Association of Insurance and Risk Managers in Industry and Commerce) investigates the origins and impact of over twenty major corporate crises of the last decade.

The crises examined involved substantial, well known organisations such as Coca-Cola, Shell and BP, as well as some smaller firms. Several did not survive and most of the rest suffered severe damage.

Updated: 14/01/2013
Comments:
Views: 12,756

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Author(s):

Alessandro Beber

Topic:
Finance

Most regulators around the world reacted to the 2007-09 crisis by imposing bans or constraints on short-selling. These were imposed and lifted at different dates in different countries, often applied to different sets of stocks and featured varying degrees of stringency. This 2011 article by Professor Alessandro Beber explores the ban on short-selling to identify their effects on liquidity, price discovery and stock prices.

Updated: 14/01/2013
Comments:
Views: 3,955