Change to USS rules causes wealth transfers

The scheme proposed to replace the Universities Superannuation Scheme’s (USS) final salary section ignores career progression and other salary increases. This will lead to substantial wealth transfers from current members of the final salary section to other USS members. Under the proposed rules, the option for final-salary members to receive a pension based on a future pensionable salary will be removed retroactively, which reduces the value of those members’ accrued benefits.

Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

Financial Management, Volume 43, Issue 2, pages 291–325, Summer 2014 (Open Access). with Andrea Mina Abstract: This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity …

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Dynamic financial constraints and innovation: Evidence from the UK innovation surveys

with Andrea Mina Abstract: Does innovation cause financial constraints? And how do financial constraints affect firm innovation activities? In this paper we address the challenge of separating bi-directional causal effects in the relationship between innovation and financial constraints. Using the longest panel that can to date be derived from the UK Innovation Surveys, we construct …

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Signalling, absorptive capacity and the geographic patterns of academic knowledge exchange

with Alan Hughes and Michael Kitson Abstract: In this paper, we investigate the geographic distance in collaborations between academics and external organisations across different knowledge exchange channels. This analysis is based on a unique large sample of UK academics. We ask the following questions. First, how far does academic knowledge, explicit or tacit, travel? Second, …

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An Improved Test for Earnings Management Using Kernel Density Estimation

European Accounting Review, Volume 23, Issue 4, 2014, pp. 559-591. Abstract: The methods proposed by Burgstahler and Dichev (1997) and Bollen and Pool (2009) to test for earnings management have been used extensively in the literature. This paper proposes a more general test procedure based on kernel density estimation using a kernel bandwidth selected by …

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