Corporate cash holdings and political connections

We examine the relation between corporate liquidity and political connections measured via lobbying expenditures. This is an interesting question as many of the motives for holding cash should be diminished by political connections. Results indicate a significant and inverse relation between cash levels and lobby expenses and that the marginal value of cash decreases with lobbying. Taken together, these findings suggest firms react optimally to the reduced benefits of cash linked to political connections and that the market recognizes the weakened benefits of cash. Overall, our research shows another way political connections can shape corporate policy.     

Issues for Implementing Phased Retirement in Defined Benefit Plans

Abstract

U.S. society is aging. The nature of work has changed from work that requires physical strength to work based on knowledge. As a result, workers are beginning to phase into retirement rather than going directly from full-time work to full retirement. From a retirement income perspective, many final-average-pay defined benefit plans have features that make phased retirement difficult at best and detrimental at worst. U.S. pension law and regulations present barriers to phased retirement if the phased retiree wants to receive a portion of available pension benefits during phased retirement.

This paper examines private sector options to encourage phased retirement and to eliminate the disincentives that currently affect defined benefit plans. It offers alternative calculations of final average pay that do not penalize the part-time worker. It also demonstrates that the plan’s early retirement reduction and late retirement increase can be set to maintain actuarial equity throughout phased retirement. The paper presents benefit calculations with equal actuarial values for various payout patterns.

The paper discusses the coordination between phased retirement and subsidized early retirement. Finally, the paper notes some of the changes in ERISA that will be needed to facilitate phased retirement in defined benefit plans, especially for participants who want to receive pension distributions while working part time.     

Why do trade costs vary?

As tariffs have fallen, it is apparent that trade costs are a significant obstacle to international trade and that they vary from country to country. The gap between the cif and fob value of a trade flow is a useful measure of aggregate trade costs, but only if the measure is based on a consistent volume of trade; mirror statistics are unsuitable. Using high quality Australian import data disaggregated at the HS 6-digit level, we find large country-by-country variations in trade costs. Distance, weight and size account for part of the variation in trade costs. Indicators of institutional quality pick up some of the variation in trade costs, but the relationship is not uniform across mode of transport and commodities; exporting countries’ institutional quality is more strongly related to trade costs for air freight than sea freight, and the relationship is commodity-specific and strongest for manufactured goods. Country-specific characteristics influencing trade costs provide a link between institutions and economic development.     

世界金刚石和金伯利岩产地概览(连载Ⅲ)

五、非洲的金刚石产地 随着西伯利亚和澳大利亚金刚石岩管矿床的投产，并于 1959～ 1985年达到高产时期，非洲在世界金刚石产量中的比重相对下降。总体而言，非洲一直是世界上最大的金刚石产区， 1889～ 1959年间，非洲的金刚石产量在世界上的地位举足轻重，占世界金刚石产量的     

健脑俱乐部悄然兴起

现年63岁的作家琳达·巴克林（Linda Hale Bucklin）看见自己所在的社区新开了一家“健脑俱乐部”，当场办了张卡。现在，她每周去那里三次，通过电脑学习一个“视觉处理”课程，她觉得这个课程帮助她更快地找到汽车钥匙，并提高了自己的网球技巧。     

Exploring VCR use as a leisure activity

On the basis of a uses‐and‐gratifications perspective, this exploratory study examined the TV viewing and VCR use of a sample of 119 households with VCRs. The instrument developed for use in this study consisted of a TV and VCR diary in which respondents recorded a variety of information related to each viewing (or recording) occasion for 1 week. The results suggest that although the ability to manipulate the broadcast schedule was a valued feature of the VCR, VCR use merely enhanced established patterns of TV viewing rather than significantly altered TV viewing or leisure behavior. The playback function of the VCR represented a primarily solitary activity pursued for entertainment and relaxation. Watching rented movies represented a primarily social activity pursued for entertainment, relaxation, and companionship. An equal number of television programs were viewed alone as were viewed with others.