Employee benefits journal最新文献_第9页

ICI Research Perspective: Trends in the Expenses and Fees of Mutual Funds, 2012 ICI Research Perspective:共同基金费用与收费趋势，2012

Employee benefits journal Pub Date : 2013-04-11 DOI: 10.2139/SSRN.2251479

Emily Gallagher

引用次数: 5

Estimating Intensive and Extensive Tax Responsiveness: Do Older Workers Respond to Income Taxes? 估计密集和广泛的税收反应:老年工人对所得税有反应吗?

Employee benefits journal Pub Date : 2013-04-02 DOI: 10.2139/ssrn.2188401

Abby E. Alpert, David Powell

{"title":"Estimating Intensive and Extensive Tax Responsiveness: Do Older Workers Respond to Income Taxes?","authors":"Abby E. Alpert, David Powell","doi":"10.2139/ssrn.2188401","DOIUrl":"https://doi.org/10.2139/ssrn.2188401","url":null,"abstract":"This paper studies the impact of income taxes on intensive and extensive labor supply decisions for older workers. The literature provides little evidence about the responsiveness of the older population to tax incentives, though the tax code is a potentially important mechanism for affecting retirement behavior. We estimate the intensive and extensive margins jointly with a new approach accounting for selection into labor force participation. On the extensive margin, we find substantial effects of income taxes on labor force participation and retirement decisions, estimating participation elasticities with respect to after-tax labor income of 0.76 for women and 0.55 for men. About half of the magnitude of these labor force participation elasticities are associated with tax-driven reductions in retirement. We find statistically insignificant compensated elasticities on the intensive margin. We simulate the effects on labor supply of two possible age-targeted tax reforms. We find that eliminating the employee portion of the payroll tax at age 65 would decrease the percentage of workers exiting the labor force by 6-7%. An EITC expansion which extends the tax credit to older ages (irrespective of their number of dependents) would decrease the probability that workers exit the labor force by 3 percentage points for men and by 6 percentage points for women, reductions of 11% and 23% from baseline rates.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77843797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 15

Shareholders Have a Say in Executive Compensation: Evidence from Say-on-Pay in the United States 股东对高管薪酬有发言权:来自美国“薪酬话语权”的证据

Employee benefits journal Pub Date : 2013-04-01 DOI: 10.2139/ssrn.2209936

M. Kimbro, D. Xu

{"title":"Shareholders Have a Say in Executive Compensation: Evidence from Say-on-Pay in the United States","authors":"M. Kimbro, D. Xu","doi":"10.2139/ssrn.2209936","DOIUrl":"https://doi.org/10.2139/ssrn.2209936","url":null,"abstract":"This paper examines the SEC regulation requiring non-binding general shareholder vote on executive compensation–“say-on-pay” (SOP). We examine the first two years of SOP in the Russell 3000. The results confirm previous shareholder-proposal studies by finding that SOP approval (reject) votes are associated with: higher (lower) ROA, higher (lower) returns, lower (higher) institutional ownership and lower (higher) CEO compensation. We also find that approval (reject) SOP votes firms have: lower (higher) volatility, lower (higher) excessive compensation and lower (higher) abnormal accruals. We find some evidence to suggest that the effect of institutional ownership is less in 2012 than in 2011. This study contributes to the literature in three ways. First, we find evidence that SOP votes are sensitive to firm risk, excessive CEO compensation, accounting quality and financial performance. Second, we find that Boards react to SOP rejection votes by subsequently reducing the level of excessive compensation. Third, our results present evidence to suggest that shareholder voting rights -even when non-binding- could be an effective mechanism of corporate governance that addresses the problem of incomplete contracts and management rent extraction.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79944789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 83

The Use of VA Disability Benefits and Social Security Disability Insurance Among Veterans 退伍军人伤残福利和社会保障伤残保险的使用

Employee benefits journal Pub Date : 2013-02-01 DOI: 10.2139/SSRN.2222771

J. Wilmoth, A. London, C. Heflin

{"title":"The Use of VA Disability Benefits and Social Security Disability Insurance Among Veterans","authors":"J. Wilmoth, A. London, C. Heflin","doi":"10.2139/SSRN.2222771","DOIUrl":"https://doi.org/10.2139/SSRN.2222771","url":null,"abstract":"Although there is substantial functional limitation and disability among veterans of all ages, relatively little is known about veterans’ uptake of Department of Veterans Affairs (VA) Disability Benefits and Social Security Disability Insurance (DI). This project uses data from the 1992, 1993, 1996, 2001, 2004, and 2008 Survey of Income and Program Participation to examine veterans’ participation in VA and DI programs. The results indicate that the majority of veterans do not receive VA or DI benefits, but veterans’ use of these programs has been increasing over time. A higher percentage of veterans receive VA compensation only, which ranges from 4.9 percent in 1992 to 13.2 percent in 2008, than DI compensation only, which ranges from 2.9 percent in 1992 to 6.7 percent in 2008. Furthermore, the rate of joint participation in these two programs is low, ranging from less than 1 percent in 1992 to 3.6 percent in 2008. Veterans experience relatively few within-panel transitions between VA and DI programs. Overall, the likelihood of any disability program use is higher among veterans who served during multiple time periods, are older, black or Hispanic, currently married, and have less than a high school education. Among users, the likelihood of any VA use in contrast to only DI use is higher among veterans who served since 1990, are younger, Hispanic, highly educated, and currently married. Among users, variation in the likelihood of any DI use relative to only VA use generally mirrors variation in the likelihood of any VA use, although there are differences in associations with race/ethnicity, education, and marital status.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74907882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 15

At the Corner of Main and Wall Street: Family Pension Responses to Liquidity Change and Perceived Returns 在主街和华尔街的拐角处:家庭养老金对流动性变化和感知回报的反应

Employee benefits journal Pub Date : 2012-12-01 DOI: 10.2139/SSRN.2208568

Thomas Bridges, F. Stafford

{"title":"At the Corner of Main and Wall Street: Family Pension Responses to Liquidity Change and Perceived Returns","authors":"Thomas Bridges, F. Stafford","doi":"10.2139/SSRN.2208568","DOIUrl":"https://doi.org/10.2139/SSRN.2208568","url":null,"abstract":"The U. S. economy experienced a shift away from employment with coverage under a defined benefit (DB) pension plan during 1991-2009. Defined contribution (DC) plan coverage seems not to have risen much, if at all, for married men in the recent decade. Overall, the percent of the labor force covered by any pension type fell over the period 2001-2009, with most of the shift occurring in 2001-2003, as indicated by data from the Panel Study of Income Dynamics (PSID). We seek to determine the factors that lead families to lose or gain DC coverage and to put money into their private pensions or to draw money out of private pensions and annuities prior to age 65. The importance of such discretionary participation and savings responses is accentuated by both the presence of DC pensions, and, presumably, learning that such pensions can be used to stabilize finances prior to retirement. Besides the impact of the overall economic climate, individual, family level events and cash flow changes are expected to play a role in the decision to add to or withdraw from a DC pension plan. Preliminary studies suggest that the savings response by households to recent economic uncertainties during 2009-2011, was greater overall savings and an increase in liquid asset holding, a result consistent with classic predictions of a response to economic turmoil. Overall, pension fund inflows have not been a part of the increase in private saving in the Great Recession.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90969358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Can Disclosures Lead Consumers to Resist Covert Persuasion? The Important Roles of Disclosure Timing and Type of Response 信息披露会导致消费者抵制隐蔽的说服吗?披露时机与应对方式的重要作用

Employee benefits journal Pub Date : 2012-11-18 DOI: 10.1016/J.JCPS.2012.10.012

Margaret C. Campbell, Gina S. Mohr, P. Verlegh

引用次数: 187

CEO Successions and Firm Performance in the US Financial Industry 美国金融业CEO继任与公司绩效

Employee benefits journal Pub Date : 2012-11-01 DOI: 10.2139/ssrn.2197497

Antonio Falato, Dalida Kadyrzhanova

{"title":"CEO Successions and Firm Performance in the US Financial Industry","authors":"Antonio Falato, Dalida Kadyrzhanova","doi":"10.2139/ssrn.2197497","DOIUrl":"https://doi.org/10.2139/ssrn.2197497","url":null,"abstract":"This paper examines the labor market for CEOs in the financial sector from 1988 to 2007, using a new hand-collected sample of 1,655 CEO successions. We document that there is a significant role of outside successions, as about one out of two successions involves an outside hire. In addition, using difference-in-differences estimates, we study the link between the labor market for finance CEOs and firm performance. We document that (1) there is a large performance gap between inside and outside successions, as outside successions are followed by significantly larger improvements in firm performance; (2) the performance gap between outside and inside successions is larger for firms with an insider dominated board of directors; (3) the performance gap widened after an important deregulation event (the 1999 Gramm-Leach-Bliley Act). These results are robust to using a battery of firm performance measures (short-run and long-run stock market returns, and several long-run operating performance measures) and a matched sample approach to address selection issues. Overall, our findings suggest that managerial human capital is very valuable in the financial industry, and weak internal governance hurts firm performance by limiting the scope of labor market competition.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83785565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Health Expenditures and Personal Bankruptcies 医疗支出和个人破产

Employee benefits journal Pub Date : 2012-10-24 DOI: 10.4236/HEALTH.2012.412192

Aparna Mathur

引用次数: 8

Defined Benefit Pension Plan Distribution Decisions by Public Sector Employees 公共部门雇员的固定收益养老金计划分配决策

Employee benefits journal Pub Date : 2012-10-01 DOI: 10.1016/J.JPUBECO.2013.05.005

R. Clark, M. Morrill, David Vanderweide

引用次数: 20

Can Large Pension Funds Beat the Market? Asset Allocation, Market Timing, Security Selection and the Limits of Liquidity 大型养老基金能跑赢市场吗?资产配置、市场时机、证券选择与流动性极限

Employee benefits journal Pub Date : 2012-10-01 DOI: 10.2139/ssrn.1885536

A. Andonov, Rob Bauer, M. Cremers

引用次数: 80