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Social Security Reform and Corporate Governance

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  • Lee Redding
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    Abstract

    This paper considers implementation issues arising from potential reforms to the United States Social Security system. Many reform proposals involve individually invested accounts, but the corporate governance implications of such accounts have not been fully explored. Existing reform plans will result in a large fraction of votes being concentrated at one private fund manager. The implications for corporate governance and debt management under alternative fund management strategies are evaluated. The use of futures to construct synthetic investments could alleviate corporate governance and debt management problems.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/13841280600911642
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

    Volume (Year): 9 (2006)
    Issue (Month): 3 ()
    Pages: 235-246

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    Handle: RePEc:taf:jpolrf:v:9:y:2006:i:3:p:235-246

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    Web page: http://www.tandfonline.com/GPRE19

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    Related research

    Keywords: Proxy voting; social security; futures;

    References

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    1. John F. Cogan & Olivia S. Mitchell, 2003. "Perspectives from the President's Commission on Social Security Reform," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 149-172, Spring.
    2. Alan Auerbach, 2004. "How Much Equity Does the Government Hold?," American Economic Review, American Economic Association, vol. 94(2), pages 155-160, May.
    3. R. Mehra & E. Prescott, 2010. "The equity premium: a puzzle," Levine's Working Paper Archive 1401, David K. Levine.
    4. George M. Constantinides & John B. Donaldson & Rajnish Mehra, 2002. "Junior Must Pay: Pricing the Implicit Put in Privatizing Social Security," NBER Working Papers 8906, National Bureau of Economic Research, Inc.
    5. Shmuel Hauser, 2004. "The Value of Voting Rights to Majority Shareholders: Evidence from Dual-Class Stock Unifications," Review of Financial Studies, Society for Financial Studies, vol. 17(4), pages 1167-1184.
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