Publications

2009
Richard B. Freeman and Marit Rehavi. 2009. “Helping Workers Online and Offline: Innovations in Union and Worker Organization Using the Internet.” In Studies of Labor Market Intermediation, edited by DAVID H. AUTOR. Chicago: University of Chicago Press.
Shared Capitalism: at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options. (Freeman R, Blasi J, Kruse D). University of Chicago Press; 2009.
2009. Shared Capitalism: at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options. (Freeman R, Blasi J, Kruse D). University of Chicago Press; 2009. , Pp. 432. Chicago: University of Chicago Press.Abstract

The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor.

Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.

National Bureau of Economic Research Conference Report
Elaine Bernard. 2009. “Unions: Schools for Democracy.” Democratic Left, the online publication of the Democratic Socialists of America (DSA),. PDF Version
Private Equity and American Labor: Multiple, Pragmatic Responses Mirroring Labor’s Strengths and Weaknesses
Larry W. Beeferman. 2009. “Private Equity and American Labor: Multiple, Pragmatic Responses Mirroring Labor’s Strengths and Weaknesses.” Journal of Industrial Relations, Vol. 51, No. 4,, Pp. pp. 545-558 .Abstract
This article briefly describes the recent growth of private equity, details some of the challenges such growth has posed for American labor, and outlines ways in which labor has chosen to respond. In so doing it suggests that the diverse, complicated, and practical choices labor has made to date have been shaped by the particular strengths and weaknesses of its position in American society. More particularly, these choices place the emphasis on (1) legislative change, relating mainly to tax rather than regulatory policy (labor-related or otherwise); (2) capital strategies, by which unions and pension funds engage companies in connection with corporate governance and investments that might be made in or withheld from them; and (3) high-profile campaigns relating to the reputation of private equity firms and the companies in their portfolio.
Science and Engineering Careers in the United States: An Analysis of Markets and Employment
2009. Science and Engineering Careers in the United States: An Analysis of Markets and Employment, Pp. 408. Chicago: University of Chicago Press.Abstract

Beginning in the early 2000s, there was an upsurge of national concern over the state of the science and engineering job market that sparked a plethora of studies, commission reports, and a presidential initiative, all stressing the importance of maintaining American competitiveness in these fields. Science and Engineering Careers in the United States is the first major academic study to probe the issues that underlie these concerns.

This volume provides new information on the economics of the postgraduate science and engineering job market, addressing such topics as the factors that determine the supply of PhDs, the career paths they follow after graduation, and the creation and use of knowledge as it is reflected by the amount of papers and patents produced. A distinguished team of contributors also explores the tensions between industry and academe in recruiting graduates, the influx of foreign-born doctorates, and the success of female doctorates. Science and Engineering Careers in the United States will raise new questions about stimulating innovation and growth in the American economy

National Bureau of Economic Research Conference Report
2008
Occasional Papers, No. 3: Pension Fund Investment in Infrastructure: A Resource Paper
Larry W. Beeferman. 12/2008. Occasional Papers, No. 3: Pension Fund Investment in Infrastructure: A Resource Paper. Publisher's VersionAbstract
Pension funds are increasingly giving thought to investment in infrastructure in an effort to achieve substantial and stable returns that are a match for funds' long-term liabilities. This paper describes risk, reward, and other financial considerations that bear on that thinking. The paper also discusses concerns about the job and labor implications of such investments and pension fund and other response to those concerns.
Arnold M. Zack. 11/11/2008. A Potential Roadmap toward Workplace Fairness in China. Council on Foreign Relations. Publisher's Version
Arnold M. Zack. 11/2008. “A Modest Proposal for Mediating Code of Conduct Challenges.” In . NYU Law School. Publisher's Version
Occasional Papers, No. 2: Incorporating Labor and Human Rights Risk Into Investment Decisions
Aaron Bernstein. 9/2008. Occasional Papers, No. 2: Incorporating Labor and Human Rights Risk Into Investment Decisions. Publisher's VersionAbstract
Mainstream investors for the first time are beginning to assess labor and human rights factors as a way of increasing returns and lowering risk as part of a broader movement in the investment world to include corporate environmental, social, and governance (ESG) behavior into portfolio and lending decisions. However, the paper also describes why investment analysis of labor and human rights poses some of the most difficult challenges in the emerging ESG field.
Capital Matters Newsletter
7/2008. “Capital Matters Newsletter” (Vol. 1, No. 4 ). Publisher's VersionAbstract
•Experiments in Public Sector Pension Fund Design 
•Accounting for Pension Fund Risk and Reward 
• A Code of Conduct for Pension Trustees 
• CEO Pay as a Proxy for Good Corporate Governance 
• Defined Benefit and Defined Contribution Investment Returns Compared
• Labor, Human Rights and Investment Risk 
Arnold M. Zack. 5/30/2008. “International Legal Standards for Labor and Employment Law.” In Workplace Fairness Disputes in a Global Economy: Hong Kong and PCR Perspectives. Hong Kong. Publisher's Version
Arnold M. Zack. 5/19/2008. “Using Mediation to Resolve Workplace Disputes in China.” In Mediation in Hong Kong:The Way Forward. University of Hong Kong Law School: Hong Kong International Arbitration Centre. Publisher's Version
Richard B. Freeman. 4/2008. “2008 Universities set the pace in labor relations.” Harvard Community Resource. PDV Version
Capital Matters Newsletter
4/2008. “Capital Matters Newsletter” (Vol. 1, No. 3). Publisher's VersionAbstract
•Understanding the Turmoil in Financial Markets 
• ...What to Do 
• 401(k)s Fall Short of Funding an Adequate Retirement 
• Can VEBAs Alleviate Retiree Health Care Woes 
• Effective Labor Representation on Pension Boards 
Occasional Papers, No. 1: Can VEBAs alleviate retiree health care problems?
Aaron Bernstein. 4/2008. Occasional Papers, No. 1: Can VEBAs alleviate retiree health care problems?. Publisher's VersionAbstract
The 2007 negotiations between the United Auto Workers (UAW) and Detroit automakers have focused national attention on a potentially innovative response to the long-term decline in retiree health insurance in the United States. The union agreed that an independent trust called a Voluntary Employees’ Beneficiary Association (VEBA) will assume responsibility for UAW retiree medical care at the three automakers. Other unionized employers now are looking at these so-called defeasance VEBAs as a way to free themselves of burdensome health-care legacy costs. An analysis of the largest one, at GM, suggests that the concept is a second-best option for unions able to retain employer-paid retiree coverage. However, it may be a viable alternative for those unable to fend off unilateral elimination by an employer. Both private- and public-sector unions and employers can draw important lessons from the defeasance VEBA agreed to by the UAW and GM, which will deploy innovative tactics to distribute cost and risk amongst the company, workers, and retirees. More broadly, the new VEBAs illuminate a gaping hole in the federal tax code, which offers few incentives for employees to save for postemployment medical needs even as employers have shifted the responsibility on them to do so. A VEBA is a flexible vehicle that could provide the most tax-efficient savings method for workers whose employer doesn’t offer retiree coverage. However, changes in federal law likely would be required for the concept to become widespread.
Capital Matters Newsletter
1/2008. “Capital Matters Newsletter” (Vol. 1, No. 2). Publisher's VersionAbstract
• Point/Counterpoint: Infrastructure Investments 
• What trustees can learn from San Diego 
• Putting labor rights into investment decisions 
• Trustee Perspective 
• Sharing retirement-funding risk: The Dutch Solution 
Benjamine I. Sachs. 2008. “Employment Law as Labor Law.” Cardozo Law Review, vol. 29:6, Pp. 2685-2748. Publisher's Version
Hollywood and the World: Export or Die
John Trumpbour. 2008. “Hollywood and the World: Export or Die.” In The Contemporary Hollywood Film Industry , edited by Paul McDonald and Janet Wasko. Malden, MA and Oxford: Blackwell Publishing.
Why Do We Work More than Keynes Expected?
Richard B. Freeman. 2008. “Why Do We Work More than Keynes Expected?” In Revisiting Keynes: Economic Possibilities for Our Grandchildren, edited by Lorenzo Pecchi and Gustavo Piga. Vol. Chapter 9. Cambridge: MIT Press.
2007
Capital Matters Newsletter
10/2007. “Capital Matters Newsletter” (Vol. 1, No. 1 ). Publisher's VersionAbstract
What can be done to improve America's retirement system? Is private equity really all it's cracked up to be? Find out in the premier edition of Capital Matters , the Pension and Capital Stewardship Project's newsletter. 

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