Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation

This paper contrasts and empirically tests two different views of corporate pension policy: the traditional view that pension funds are managed without regard to either corporate financial policy or the interests of the corporation and its shareholders, and the corporate financial perspective represented by the recent theoretical work of Black (1980), Sharpe (1916),Tepper (1981), and Treynor (1971), which stresses the potential effects of a firm's financial condition on its pension funding and asset allocation decisions. We find several pieces of evidence supporting the corporate financial perspective. First, we find that there is a significant inverse relationship between firms' profitability and the discount rates they choose tor eport their pension liabilities. In view of this we adjust all reported pension liabilities to a common discount rate assumption. We then find a significant positive relationship between firm profitability and the degree ofpension funding, as is consistent with the corporate financial perspective. We also find some evidence that firms facing higher risk and lower tax liabilities are less inclined to fully fund their pension plans. On the asset allocation question, we find that the distribution of plan assets invested in bonds is bi-modal, but that it does not tend to cluster around extreme portfolio configurations to the extent predicted by the corporate financial perspective. We also find that the percentage of plan assets invested in bonds in negatively related to both total size of plan and the proportion of unfunded liabilities.The latter relationship shows up particularly among the riskiest firms and is consistent with the corporate financial perspective on pension decisions.

Listeria Occurrence In Poultry Flocks: Detection and Potential Implications

Foodborne pathogens such as Salmonella, Campylobacter, Escherichia coli, and Listeria are a major concern within the food industry due to their pathogenic potential to cause infection. Of these, Listeria monocytogenes, possesses a high mortality rate (approximately 20%) and is considered one of the most dangerous foodborne pathogens. Although the usual reservoirs for Listeria transmission have been extensively studied, little is known about the relationship between Listeria and live poultry production. Sporadic and isolated cases of listeriosis have been attributed to poultry production and Listeria spp. have been isolated from all stages of poultry production and processing. Farm studies suggest that live birds may be an important vector and contributor to contamination of the processing environment and transmission of Listeria to consumers. Therefore, the purpose of this review is to highlight the occurrence, incidence, and potential systemic interactions of Listeria spp. with poultry

Movement and habitat use of the snapping turtle in an urban landscape

In order to effectively manage urban habitats, it is important to incorporate the spatial ecology and habitat use of the species utilizing them. Our previous studies have shown that the distribution of upland habitats surrounding a highly urbanized wetland habitat, the Central Canal (Indianapolis, IN, USA) influences the distribution of map turtles (Graptemys geographica) and red-eared sliders (Trachemys scripta) during both the active season and hibernation. In this study we detail the movements and habitat use of another prominent member of the Central Canal turtle assemblage, the common snapping turtle, Chelydra serpentina. We find the same major upland habitat associations for C. serpentina as for G. geographica and T. scripta, despite major differences in their activity (e.g., C. serpentina do not regularly engage in aerial basking). These results reinforce the importance of recognizing the connection between aquatic and surrounding terrestrial habitats, especially in urban ecosystems

Community Characteristics of Sympatric Freshwater Turtles from Savannah Waterbodies in Ghana

Despite increasing pressures on freshwater resources worldwide, and the threatened status of most freshwater turtles, there is still limited knowledge of habitat use and niche partitioning in Afrotropical freshwater turtle communities. In this study, we describe habitat associations, community diversity, and temporal patterns of occurrence of freshwater turtle species in the Dahomey Gap ecoregion of Ghana (West Africa). We gathered data from 13 sites in central Ghana and along the Sene Arm of Lake Volta in the Digya National Park (Bono East Region). We employed opportunistic short-term surveys (at seven sites) together with longer-term (six-months duration) standardized evaluations of turtle presence and numbers in different habitats (at six sites). Overall, a total of 210 turtle individuals of four species (Trionyx triunguis, Cyclanorbis senegalensis, Pelomedusa sp. and Pelusios castaneus) were recorded; precise capture sites and habitat type were recorded for 139 individuals, but the 71 individuals observed in marketplaces were not considered in our analyses. At a local scale, we observed three sympatric species in various study sites. In each of these sites, the dominant species was either C. senegalensis or Pelomedusa sp., with the latter species being more abundant in temporary waterbodies and C. senegalensis more numerous in permanent ones. A Multiple Correspondence Analysis suggested that, in permanent waterbodies all species were associated with similar physical habitat variables. In a Canonical Correspondence Analysis, we showed that the density of herbaceous emergent vegetation was more important for P. castaneus than for C. senegalensis. Comparisons of diversity metrics between our study sites and previous studies revealed that turtle community composition was similar across savannah sites

Ageing and Financial Stability

Abstract: Although the precise details are subject to major uncertainty, it seems likely that the process of population ageing will involve major shifts in financing, which may give rise to financial turbulence and systemic risk. The locus and scale of these effects will also depend on the predominant approach to retirement income provision. It is argued that the financial-stability risks arising from continuing with unsustainable pay-as-you-go systems would be more threatening than those arising from funding. Fiscal crises can have incalculable consequences for private financial markets, while pension funding involves more an adaptation by regulatory authorities to a more securitised and institutionalised financial system, that is likely to develop in any case. Concerning policy, for social security, the key issue is reform, so that the fiscal difficulties and their consequences for financial stability foreshadowed above do not arise. For institutional investors involved in funding, policy issues arising include the need for prudent person asset regulation, absence of guarantees generating moral hazard and international diversification of institutional portfolios, so that they are less dependent on the performance of the domestic economy than would otherwise be the case. Banks would not be immune to the side-effects of the various patterns ageing will generate, and an awareness of such risks as well a