2008

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.
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.
2008 Apr 16

Capital Matters VI - Managing Labor's Capital

Wed - Fri, Apr 16 to Apr 18, 5:00pm - 2:00pm

Location: 

Harvard Law School, Cambridge MA
Fortune Teller Painting
"The Fortune Teller," Michelangelo Merisi da Caravaggio, c 1595

LOCUSTS VERSUS LABOR: HANDLING THE NEW CAPITALISM

  • TURMOIL IN FINANCIAL MARKETS: CAUSES, CONSEQUENCES, AND CHOICES
  • CORPORATE GOVERNANCE REFORM: WHAT DIFFERENCE HAS IT MADE OR COULD IT MAKE FOR WORKERS?
  • LABOR IN CAPITAL MARKETS: SQUARE PEGS AND ROUND HOLES
  • PENSION FUND (AND OTHERS’) ENGAGEMENT ON CORPORATE LABOR AND HUMAN RIGHTS PRACTICES
  • SHOULD A PENSION FUND MAKE PROPERTY INVESTMENTS THAT ARE LABOR FRIENDLY? IF SO, HOW?
  • CAPITAL STEWARDSHIP WITHIN AND ACROSS BORDERS: CHALLENGES AND OPPORTUNITIES
  • NOVEL, YET PRACTICAL SOLUTIONS TO RETIREMENT SYSTEMS WOES: THE DUTCH AND OTHER EXPERIENCE ABROAD; A NEW APPROACH TO EMPLOYMENT-BASED PENSIONS; A NEW APPROACH TO RETIREMENT SECURITY FOR ALL
  • WHAT TO DO WHILE WAITING FOR UNIVERSAL HEALTH INSURANCE: ARE VEBAS AND OTHER PRE-FUNDED SCHEMES PART OF THE SOLUTION OR PART OF THE PROBLEM?
    [More]
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 
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 
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 
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.
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.
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.