Corporate Retirement Security: Social and Ethical Issues (Leeds School Series on Business and Society)

Book Description

Global Portfolio Diversification synthesizes principal debates between analysts and academics. Covering subjects such as risk management, diversification and hedging strategies, deviations from market efficiency, and exchange rates, the book includes case studies, research, and commentary by the editors. Essayists include two past presidents of the American Finance Association and the current editors of the Journal of Finance and Economic Inquiry, as well as senior market regulators, financial managers, and representatives of international securities exchanges.

Key Features
* Deals with increased interest in the globalization of financial markets
* Covers managing and hedging risks
* Analyzes microstructures and analyses
* Shows how to implement portfolio diversification
* Prepared by an international team of leading financial academics and portfolio managers

Global Aging and Financial Markets: Hard Landings Ahead (CSIS Significant Issues Series) (Csis Significant Issues Series)

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Fad of the moment/ Hype/ Tempest in Teapot
Global Aging - Rush to judgment
Good review of the impact of global aging on the financial m

Global Aging and Financial Markets: Hard Landings Ahead (CSIS Significant Issues Series) (Csis Significant Issues Series)
Robert Stowe England
Manufacturer: Center for Strategic & International Studies
ProductGroup: Book
Binding: Paperback

Public Finance | Economics | Business & Investing | Subjects | Books

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The Coming Generational Storm: What You Need to Know about America's Economic Future

ASIN: 0892063920

Book Description

The retirement of the baby boom generation poses a challenge to the world's financial markets. This book examines the prospect that, after 2020, pension funds will have to pay out more in benefits than employers will be contributing, and it considers the extent to which individuals will liquidate equity holdings, or switch to bond holdings, or do both to sustain their living standards. The book examines the possibility that these changes will drive down equity values.

Customer Reviews:

Fad of the moment/ Hype/ Tempest in Teapot.......2005-12-21

I fully adopt as my own the review by A. Agarwal (Houston, TX USA), who is right on the money.

The problem with these neo-Malthusian arguments is that they are essentially trying to linearize a non-linear problem (economics). This does not work due to exogenous shocks, the same reason Malthus's theory doesn't work (technological innovation, which is unpredictable, increases food faster than population growth). Jeremy Siegel explains in The Future for Investors how Global Aging will not result in economic collapse (India will buy America's assets). And contrary to what the Gaetan Lion reviewer says, here is a 'thought experiment' (not unlike what is done in this book) why a large population is essential (an argument made by Singapore Prime Minister Lee several years ago): genius is a function of population: the more people, the greater likelihood a genius will be found. So grow a lot of people and some Einstein will invent a solution to every one of our problems, including aging (reversing the biological clock). Still not convinced? Then consider the titles of these two books below, from a noted think tank (Inst. for Intl Econ), and note the dates. Point being, these problems of yesteryear have not materialized.

"The US - Japan Economic Problem" by Bergsten and Cline 1985

"Deficits and the Dollar: The World Economy at Risk" Marris (1987).

Doomsday books sell--but check out the Hoover Institute's "10000 Years of Economic Crisis" to see why they rarely come to fruition.

Global Aging - Rush to judgment.......2004-08-03

Those truely interested in the impact of global aging on the price of financial assets, should heed to the insightful views of Jeremey Siegel, Wharton Finance.

I think a topic that is inadequately emphasised by most authors, are the demographic trends in the "rest" of the world, most notably, China and India, with their young and growing working age populations. We know the fate of many mega-trend predictions, including Malthusian population theory.

The focus of the debate on demographic challenges in the case of financial assets, unfortunately, is often heavily weighted towards inter-generational transfer of ownership within a country, or within the "developed" world. The emerging purchasing power of the developing countries either doesn't find a mention, or is written off as too insignificant.

Proliferation of communication and free trade is changing the world in profound ways. Many countries, people, and poulations are increasingly bridging the productivity and the knowledge gap, a fundamental cause of low incomes, for the upper quartile of their populations. These 300 to 500 million people are likely to move up the value chain and reach the "best practice" levels of productivity, in the next 20 to 25 years. The lower quartiles will follow, longer-term (50 to 90 years).

This trend will be a great shock absorber. The ownership of developed country assets will likely have a distinct inter-generational, and global characteristic.

Summary: The challenge exists. A crisis isn't imminent.

Good review of the impact of global aging on the financial m.......2003-08-09

The author reviews numerous economic forecasts measuring the impact of global aging on the financial markets. Global aging is a looming major macroeconomic event. The huge baby boom generation will start retiring in 2011. By 2025, the entire baby boom generation will have retired. During this period, the baby boomers will be drawing down on their pension and retirement funds. The baby boomers draw downs will put huge downward pressure on bonds and stocks prices.

Pension funds will experience rising negative cash flows as their benefit claims will surpass their contributions. In the U.S. for defined benefit pension plans, Schieber and Shoven forecast that the gap between benefit claims and contributions will deepen from - 1.5% of payroll in 2040 to - 4% in 2065.

Regarding precise equity return outlook there is little consensus. The study from Schieber and Shoven forecasts that real equity returns will decline from an historical 8% down to 5%. Another study by Jan Mantel from Merrill Lynch claims that equities will not decrease in price throughout the retirement of the baby boomers. But, he did not express by how much equity returns would decline if equity prices grow at a slower than historical rate. Other economists forecast worse scenarios including bear markets lasting decades.

There are three factors that will negatively affect equities. The first one, as mentioned, is the baby boomers selling their stock holdings throughout their retirement years. The second one is the pension funds changing their investment mix away from equities towards bonds and cash to meet upcoming liabilities associated with retirees. Mantel forecasts that between 2000 and 2050 pension funds will reduce their equity allocation from 72% to 60% of investments in the U.K, from 63% to 54% in the U.S., from 45% to 30% in the Netherlands, and from 40% to 28% in Japan. Because these four countries account for 80% of the World's private defined benefit pension assets, this shift in investment mix will represent a huge downward pressure on equity prices. The third factor is an anticipated increase in worldwide interest rates associated with a rapid increase in government borrowing through the industrialized World to support government retirement systems and elders healthcare benefits. Governments worldwide are ill prepared for the funding of these liabilities. Roseveare, an OECD economist, predicts government debt will reach staggering levels by 2030, and represent 339% of GDP in Japan, over 200% throughout the EU, and 115% in the U.S. These debt levels are a multiple of current levels.

Reviewing the investment outlook for the second quarter of this century (2025 to 2050), we derive the following:

1) Equity prices and returns will be affected by a decrease in demand;
2) International equities should fare worse than U.S. ones because both the EU and Japan have more rapidly aging population and have weaker fiscal position associated with higher government debt level;
3) Bond prices and returns will be affected by a staggering increase in supply due to rising government debt. International bonds will be more vulnerable for the same reason as for equities;
4) Real estate will be affected by a declining demand associated with lower demographic growth and lower rate of household formation;
5) All medium to long term investments will be affected by a rise in real interest rates associated with a huge increase in government borrowing throughout the industrialized World to support government programs aimed at retirees.

There are several moderating factors that may reduce the impact of global aging. However, these arguments are not convincing. The first one is that all the above predictions regarding pension plans are associated with defined benefit plans where a pension fund pays a predetermined annuity to retirees. Apparently, the more modern defined contribution plans (401K) would have a different and more robust cash flow than defined benefit plans. Retirees would not draw down on their 401K holdings as quickly. This makes sense, but the dollar amounts in defined contribution plans worldwide is small compared to defined benefit plans.

The most intriguing economic argument that would counteract the negative impact of global aging relates to equities demand and supply equilibrium. If equities prices decline because of global aging, the cost of equity capital will go up for corporations. As a result, corporations will issue less equity and instead finance growth with bonds. Thus, the supply of equity will decrease and match the reduced demand for equity. And equity returns and prices ultimately will not be affected by global aging.

Unfortunately the demand and supply equilibrium argument is flawed. The reduction in equity supply, as depicted, will be minimal compared to the reduction in equity demand associated with pension funds selling equities both to meet retirees benefits and to shift their portfolio mix towards bonds. Also, for corporations to steadily finance their growth through bond financing will further jack up real interest rates. This is due to increasing bond supply and increasing the credit risk premium on corporate bonds. This increase in real interest rates will hurt both bonds and equities.

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Pension Reform: Issues and Prospect for Non-financial Defined Contribution (NDC) Schemes (Trade and Development)

Manufacturer: World Bank Publications
ProductGroup: Book
Binding: Paperback

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Old-Age Income Support in the 21st Century: An International Perspective on Pension Systems and Reform (Trade and Development)

Pension Economics

ASIN: 0821360388

Product Description

This book presents 24 state of the art papers on the conceptual foundations and issues surrounding non-financial, or notional, defined contribution plans (NDCs), country implementation of NDCs (Italy, Latvia, Poland, and Sweden), and case studies for countries where NDCs are figured in the reform debate. This book is intended as a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.

International Perspectives on Supplementary Pensions: Actors and Issues

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International Perspectives on Supplementary Pensions: Actors and Issues

Manufacturer: Quorum Books
ProductGroup: Book
Binding: Hardcover

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ASIN: 0899309674

Book Description

This international comparison of pension plans lends great understanding to the transformation taking place in almost every nation around the world. It covers ten of the twelve countries of the European Union, as well as the United States and Japan. The project is interdisciplinary, covering a number of fields, such as economics, law, actuarial science, sociology, and political science, that contribute to the analysis of retirement income systems. The chapters vary in scope - some are comparative, some are restricted to a single country or to one type of plan in one country. Despite their diversity, the chapters share a common awareness of three aspects of pension plans: the importance of actors' roles in shaping each system, the different economic and social domains affected by retirement plans, and the interconnections between social security and supplementary plans.

Brazil: Critical Issues in Social Security (World Bank Country Study)

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Brazil: Critical Issues in Social Security (World Bank Country Study)

Manufacturer: World Bank Publications
ProductGroup: Book
Binding: Paperback

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The clock is ticking ... Saver's Tax Credit to expire this year.(economic conditions reports) : An article from: Black Enterprise

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The clock is ticking ... Saver's Tax Credit to expire this year.(economic conditions reports) : An article from: Black Enterprise
Leslie E. Royal
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Black Enterprise, published by Thomson Gale on February 1, 2006. The length of the article is 791 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The clock is ticking ... Saver's Tax Credit to expire this year.(economic conditions reports)
Author: Leslie E. Royal
Publication: Black Enterprise (Magazine/Journal)
Date: February 1, 2006
Publisher: Thomson Gale
Volume: 36 Issue: 7 Page: 167(1)

Distributed by Thomson Gale

Do we want to raise the age of eligibility for Social Security retirees?: An article from: Journal of Economic Issues

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Do we want to raise the age of eligibility for Social Security retirees?: An article from: Journal of Economic Issues
John F. Walker , and Harold G. Vatter
Manufacturer: Association for Evolutionary Economics
ProductGroup: Book
Binding: Digital
ASIN: B00098ZRQA
Release Date: 2005-07-28

Book Description

This digital document is an article from Journal of Economic Issues, published by Association for Evolutionary Economics on September 1, 1999. The length of the article is 2520 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A congressional group has proposed to raise the age of eligibility of Social Security retirees to 70 in hopes of solving the alleged baby-boom retiree crisis. The rationale behind the proposed increase in eligibility age is mainly centered on fiscal, rather than output and productivity predictions. Thus, the interrelationship of eligibility age and the real, non-fiscal level of output and productivity is examined. Results suggest that the proposal is not feasible since it may force many into poverty conditions.

Citation Details
Title: Do we want to raise the age of eligibility for Social Security retirees?
Author: John F. Walker
Publication: Journal of Economic Issues (Refereed)
Date: September 1, 1999
Publisher: Association for Evolutionary Economics
Volume: 33 Issue: 3 Page: 729(6)

Distributed by Thomson Gale

Doctor does little for business: in the wake of the annual budget by Dr Cullen, Ashley Balls goes on the offensive.(issues with balls): An article from: NZ Business

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Doctor does little for business: in the wake of the annual budget by Dr Cullen, Ashley Balls goes on the offensive.(issues with balls): An article from: NZ Business
Ashley Balls
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from NZ Business, published by Thomson Gale on July 1, 2005. The length of the article is 951 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Doctor does little for business: in the wake of the annual budget by Dr Cullen, Ashley Balls goes on the offensive.(issues with balls)
Author: Ashley Balls
Publication: NZ Business (Magazine/Journal)
Date: July 1, 2005
Publisher: Thomson Gale
Volume: 19 Issue: 6 Page: 64(1)

Distributed by Thomson Gale

Domain Linkages and Privatization in Social Security (International Studies in Social Security)

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Domain Linkages and Privatization in Social Security (International Studies in Social Security)

Manufacturer: Ashgate Publishing
ProductGroup: Book
Binding: Hardcover

Privatization | Economics | Business & Investing | Subjects | Books

Book Description

In the hope of shedding light on questions that continue to spark debate among historians and students of Lincoln, Brooks Simpson presents Think Anew, Act Anew, a concise and inventively annotated collection of documents written by Abraham Lincoln that focus on the interrelated themes of slavery, union, emancipation, and reconstruction. How did Lincoln define equality? How did he harmonize his rejection of slavery as immoral with his toleration of it where it existed? What were his views on race, and did they change over time? What did freedom mean to him?

This unique selection of Lincoln's own words offers readers a chance to explore for themselves how Lincoln understood the prevailing concerns of his America. Professor Simpson provides contextual information in introductions to each of the book's eight chapters and all sixty-four documents are preceded by a brief note.

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11-Sep: Interim Report on the Response of Charities
Cynthia M. Fagnoni
Manufacturer: Diane Pub Co
ProductGroup: Book
Binding: Paperback

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ASIN: 0756727278

Book Description

Now homeowners, buyers, and sellers can estimate the value of a home and learn how to improve a property to increase its value by $10,000 or more.
In this exhaustive insider’s guide, real estate developer Wallace Kaufman teaches you what makes for value in a home—from the quality of the roof tiling to the quality of the neighborhood—and he shows how you can make a complete home appraisal that most people have professionally done at a cost of up to $1,000.
Finding Hidden Values in Your Home shows the homeowner how to make valuable remodeling decisions, the buyer how to make house inspections and estimates, and the seller how to cash in on hidden property values.
Complete with checklists, worksheets, and essential information for city and town dwellers, this book is the best protection you, the homeowner, buyer, or seller can get.

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Finding Hidden Values in Your Home
Wallace Kaufman
Manufacturer: Scribner Paper Fiction
ProductGroup: Book
Binding: Paperback
ASIN: B000O8UA4E

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Finding Hidden Values in Your Home
Wallace Kaufman
Manufacturer: Scribner
ProductGroup: Book
Binding: Paperback
ASIN: B000O93J8C

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Finding Hidden Values in Your Home
Wallace Kaufman
Manufacturer: Macmillan Publishing Company
ProductGroup: Book
Binding: Hardcover
ASIN: B000KP9NR6

Book Description

This is the autobiography of Danny Sugerman, Jim Morrison's protege and one-time manager of The Doors and then Iggy Pop. It is also an account of heroin addiction and the madness of life in the LA rock 'n' roll scene.

Customer Reviews:

AMAZING.......2006-12-26

This is an amazing "must read"... I could not put this book down!!
fascinating!!

Drug City USA.......2006-11-02

I liked this book. Showed me the world of addicition. Let me know I made the right choice in staying away. It holds your interest and is very entertaining. You feel you actually are breathing this guys life. It does not make the drug addicts world very inviting and it is good that it portrays it this way. Entertaining and a good read. I recommed it.

Gimme Danger Little Stranger.......2006-10-30

The extraordinary young life of Danny Sugerman is chronicled in this second book covering the L.A. scene of the 1960s and 1970s.

Jim Morrison has died, The Doors are attempting to hang on as a group, Sugerman is chasing his own demons and Detroit's answer to the Lizard King arrives on the scene. Iggy Stooge (Pop) becomes the icon of decadence; destroying luxury cars parked at the palatial homes of his young girlfriends, being so smashed that his mop of hair is used as a mop to clean a floor and - through it all - perhaps becoming the lead singer of The Doors.

Sugerman tries to keep Iggy together as the party that never stops rotates faster and faster. It is an end of an era of sorts as Sugerman tries to clean up before becoming yet another drug casuality while The Doors put together one last great gig and Iggy whirls through a self-destructive fantasy that only comes to an abrupt halt years later.

Sugerman lived through it....and survived, barely. The book ends as a cautionary tale of wandering onto a wonderland avenue, only to find out too late that it's a living hell.

Addicting to the very last page!.......2006-07-22

This book was amazing and addicting! Danny gives his account as a teenager growing up in Beverly Hills and hanging out with the Doors. You get a clear picture of the Doors and what it was like to be around Jim Morrison, through the eyes of a high-school kid. Being as young as he was during the Doors era, you know he only saw pieces of the whole Doors picture, yet the pieces he saw were incredibly honest, sometimes tragic, sometimes vulgar.

Much of the book deals with Danny's personal life as he struggled with drug addiction and recovery. I've never so much as smoked a cigarette, but this book gives an account of a person who is so completely and physically comsumed by drugs, you feel it with him as you read it.

Helpful, enlightening, inspirational; this book helped to save my life!.......2005-09-25

A quick message to Peter Wild, of Manchester England, unload that chip on your shoulder before unleashing such rubbish about a book of this quality! It saved my life!

As for the book? Where to start? When I read this book I was living in squalour in Bristol, England, a week away from checking into rehab and didn't know it! Having experienced a simpilar lifestyle to Sugarman, I was fascinated and enthralled, loving the gory and druggy details, identifying with the clashes with family and dealing with not fitting in too well with my peers, but towards the end of the novel, I was identifying with the chaos of the world, and was inspired to finally deal with my problems! I have tried to follow suit and am now nearly 2.5yrs clean and sober myself living as a productive and responsible member of society! Truly inspirational!

I believe that even if you weren't into the drug scene, or even the music scene, someone could thoroughly enjoy this book; it's something to be admired for its honesty and will to go places alot of people shun! Buy it now!!

wonderland Avenue: Tales of Glamour & Excess

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wonderland Avenue: Tales of Glamour & Excess
Danny Sugerman
Manufacturer: Morrow
ProductGroup: Book
Binding: Hardcover

General | Biographies & Memoirs | Subjects | Books
ASIN: 028399259X

Wonderland Avenue - Tales of Glamour and Excess

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Wonderland Avenue - Tales of Glamour and Excess
Danny Sugerman
Manufacturer: Plume Books
ProductGroup: Book
Binding: Paperback
ASIN: B000GX1YE2

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Wonderland Avenue: Tales of Glamour & Excess
Sugerman Danny
Manufacturer: Little Brown U.K.
ProductGroup: Book
Binding: Paperback
ASIN: B000OVIZAC

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Wonderland Avenue: Tales of Glamour and Excess
Danny Sugerman
Manufacturer: Morrow & Co.
ProductGroup: Book
Binding: Hardcover
ASIN: B000NQK7N6

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