The Legislature required the Controller to contract with actuaries for California's first valuation of unfunded state retiree health liabilities. reported that the state's estimated unfunded liabilities total $48 billion. This report answers key questions concerning the valuation and identifies actions the Legislature could take to address the state's liabilities. Analyst's Office (LAO) is a no...

The scope of this paper is to analyse duration as a risk measure of life insurance liabilities from traditional life insurance products using a simple model to assess the problem. First, the liabilities are defined. Then the concept of Macauley duration as a measure for interest rate risk with respect to life insurance liabilities is derived. This concept is discussed with respect to its useful...

For a long time research on the management of IS outsourcing projects viewed relational and contractual governance as substitutes. However, subsequent studies provided empirical evidence for the complementary view. Recently, some authors supported the notion that relational and contractual governance mechanisms can simultaneously be complements and substitutes. Given these inconsistencies the q...

This article empirically examines the relationship between the funding of defined benefit pension plans and corporate debt ratings. The evidence indicates that unfunded pension liabilities reduce debt ratings more than an equivalent amount of excess pension assets increase debt ratings. This asymmetric relationship is consistent with the view that unfunded pension liabilities are corporate liab...

This study reports on computational experiments for an agent-based labor market model with adaptive c hoice and refusal of worksite partners and with endogenously evolving worksite behaviors. Two treatment factors are experimentally varied: market structure; and ex ante capacity constraints on potential work oers and job openings. Particular attention is focused on experimentally determined cor...