A market-consistent framework for the fair evaluation of insurance contracts under Solvency II

Decisions in Economics and Finance - The entry into force of the Solvency II regulatory regime is pushing insurance companies in engaging into market consistence evaluation of their balance sheet,...     

When management strikes: PATCO and the British miners

In this article the author analyses the parallels and differences between the Federal Government's strong actions against air traffic controllers and the British Government's assault upon striking coalminers     

FEMALE DUAL LABOUR MARKETS AND EMPLOYEE BENEFITS

The American workforce and the role of employee benefits have changed dramatically since the 1980s when economists seriously considered dual labour market models to describe pay and employment patterns. Then, dual labour market models described men's labour markets, but not women's and the tests applied to wages and salaries, not total compensation including employee benefits. Applying a switching regression technique using the 2000 Current Population Survey and including women workers and employee benefits, we find that the dual labour market hypothesis is consistent with both female and male labour market structures, especially when total compensation is considered.     

Scale Economies in Union Pension Plan Administration: 1981–1993

We confirm previous findings that as the pension plan size increases, administrative costs per participant and asset fall after controlling for the proportion of retirees in a plan. However, we question the inference that the high costs of administering small plans partly explains why small firms generally do not sponsor pension plans. This study uses Internal Revenue Service annual data to compare the administrative costs of Taft-Hartley plans from 1981 to 1993. Centralization may save costs but also may inhibit formation. Union plans are naturally small; they form at the local level.     

Employer Pension Contributions and 401(k) Plans: A Note

We investigate the pension choices of over 800 firms between 1988 and 1996. Using the data on pension plan finances from the Internal Revenue Service (IRS) Form 5500, required annually from firms sponsoring plans, and on firm finances from Compustat, we find support that a 10 percent increase in the use of 401(k) plans reduces pension costs per worker by 1.8 to 2.0 percent. Collective bargaining helps to mitigate the decline in employer costs.