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An Analysis of Risk-Taking Behavior for Public Defined Benefit Pension Plans

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  • T. William Lester

    ()
    (University of NOrth Carolina at Chapel Hill)

  • Nichola Lowe

    ()
    (University of North Carolina at Chapel Hill)

  • Allan Freyer

    (University of North Carolina at Chapel Hill)

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    Abstract

    State incentive granting for the purpose of firm retention or recruitment remains highly controversial and is often portrayed as antithetical to long-range economic development planning. This paper uses quasi-experimental methods to measure the impact of state-level economic development incentives on employment growth at the establishment level in North Carolina. Using North Carolina’s rich history of strategic planning and sector-based economic development as a backdrop, we develop a theory of sectoral “mediation.” This enables us to compare the effectiveness of incentives offered in mediated and nonmediated industries and show that when incentives are coupled with sectoral economic development efforts they generate substantially stronger employment effects than at establishments with limited sector-based institutional support.

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    Bibliographic Info

    Paper provided by W.E. Upjohn Institute for Employment Research in its series Upjohn Working Papers and Journal Articles with number 12-184.

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    Date of creation: Apr 2012
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    Handle: RePEc:upj:weupjo:12-184

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    Keywords: Incentives; mediation; employment impacts; firm retention; recruitment;

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