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This paper advances the specification and estimation of econometric models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications. Our analysis relaxes these restrictions. The model includes three labor market states, full-time work, partial retirement, and full retirement; reverse flows from states of lesser to greater work; an extended choice set created when spouses make independent retirement decisions; heterogeneity in time preference; varying taste parameters for full-time and part-time work; and the possibility of changes in preferences after retirement.

We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the United States, Australia, and eight Asian countries) at heterogeneous economic development stages and different regulatory environments. We document that corporate pensions are significantly underfunded in most countries of our sample in the period of 2001–2017, when interest rates were ultralow in most countries. In addition, firms from countries with stronger employee protection and more generous retirement benefits tend to show higher levels of underfunding in their defined benefit (DB) pension plans. To the extent of pension underfunding imposing constraints on corporate investment, we find that firms in these countries can face more constraints on investment when their pension is underfunded.

This chapter examines the evolution of the number of days spent on sick leave following the 2011 reform which halved the maximum sick benefit provided by statutory health insurance in Hungary. This policy change sharply decreased benefits for a large group of high earners, while leaving the incentive to claim sickness benefits unchanged for lower earners, providing us with a “quasi-experimental” setup to identify the incentives effect of sickness benefits. We use a difference-in-differences type methodology to evaluate the short-term effect of the reform. We rely on high-quality administrative data and analyze a sample comprised of prime-age male employees with high earnings and stable employment. Our results show that the number of days spent on sick leave fell substantially for those experiencing the full halving of benefits. Estimating the response of the number of sick days with respect to the fall in potential sickness benefits, we find a significant elasticity of −0.45.

A dynamic model of the evolution of health for those over the age of 50 is embedded in a structural, econometric model of retirement and saving. Effects of smoking, obesity, alcohol consumption, depression, and other proclivities on medical conditions are analyzed, including hypertension, diabetes, cancer, lung disease, heart problems, stroke, psychiatric problems, and arthritis. Compared to a population in good health, the current health of the population reduces retirement age by about one year. Including detailed health dynamics in a retirement model does not influence estimates of the marginal effects of economic incentives on retirement.

This study aims to examine whether socially responsible firms have well-funded employee pension programs and whether corporate social responsibility (CSR) performance is associated with management discretionary choice of pension accounting assumptions.

The current study examines the impact of CSR performance on two measures of pension funding and two pension accounting assumptions using regression analysis. This study uses a panel data of 13,099 firms-years across 1,428 US firms from 1992 to 2015.

Firms with higher CSR scores report higher pension net assets and are less likely to have underfunded pension than their counterparts. These firms also adopt more responsible (conservative) pension accounting assumptions (i.e. lower discount rate and a higher rate of compensation increase) to estimate pension benefit obligations. Results are stronger for firms that operate in the materials and industrial sectors and for the post-2000 period when underfunded pension has become more prevalent. Firms with higher CSR scores are also less likely to have a pension freeze.

This study examines the signaling role of CSR by using the signaling theory to explain how senders view the signaling process as a channel to build their reputation and the correspondent inference theory to explain how receivers process and assess the signal. It provides evidence that the signal provided by CSR score is reliable in assessing firms’ commitment to non-investing stakeholders, such as employees, providing valuable information for potential employees making career decisions and for managers considering employee pension as part of corporate strategies to attract high quality workforce. This study provides inputs for public accountants providing assurance services that CSR performance has a significant impact on management reporting choices. This study also provides evidence that CSR could be considered a private provision of public goods that internalize the negative externality of the prevalent underfunded pension phenomenon.

The purpose of this study is to critically analyze the Financial Compensation Funds being accumulated by Islamic Banks of Bangladesh in credit-based transactions. In this connection, due to the evolved liquidity crisis amidst the COVID-19, industry opinions are observed that suggest including the compensations or the donation funds directly into the bank's income account. But the Sharīʿah does not permit it. Such alternative proposals of using compensation or donation fund during crises are scrutinized under Sharīʿah principles to come to a logical conclusion.

The approach followed in the study is textual and discourse analysis through descriptions of ideal Sharīʿah-compliant methods for handling late payment of credit and comparison with the industry practices.

It is observed that there are conceptual gaps in the industry as is reflected in the Islamic Banking Guideline of Bangladesh. The funds collected from the debtor due to late payment are named as compensation (Ta‘wīḍ) whereas the nature of the transaction is a donation (Tabarru'). The misconception can lead to various Sharīʿah non-compliant activities later with the funds. The proposals brought out in the industry to use such compensation/donation funds during a crisis are a consequence of this. The proposals of using such funds for banks' purposes in any situation are not supported by Sharīʿah principles and are against the Islamic banking philosophy.

The study is very relevant to the current crisis of COVID-19 in the domestic Islamic Banking Industry and also instrumental for the future guidance to stick to the Sharīʿah principles in managing compensation or donation funds by the Islamic Banks.

The purpose of this paper is to analyze financial literacy's effect on retirement planning among young adults in Mexico, with gender as a moderator variable. Planning refers to the actual or intended implementation of several retirement strategies: private pension funds, investing in assets, government subsidies and family assistance.

The article's methodology is quantitative, empirical and cross-sectional. Ajzen's theory of planned behavior (1991) works as the theoretical framework to examine planning for retirement intentions determined by individuals' financial inclusion, attitudes, knowledge, behavior, occupation and family traits. The methodology follows generalized structural equation models (GSEM) with logistic regression basis, constructed with data from the National Survey on Financial Inclusion 2018.

Results confirm that the most financially knowledgeable individuals have lesser intentions to pursue passive strategies, while financial behavior and inclusion associate with actively planning. Gender plays a fundamental role in retirement planning too.

Observations for several years are necessary to effectuate longitudinal analysis. Further research should include a more in-depth study of strategy choice triggers and policy impact on retirement planning.

Findings can be useful to public and private institutions focused on saving, investment and retirement, especially in economies comparable to Mexico's. Avoiding the higher social costs associated with poor retirement planning depends on timely decision-making.

This study goes beyond the traditional pension fund strategy to analyze other options. It delivers information about young people's long-term financial plans in Mexico concerning financial literacy and gender.

The theory of generalized thermoelasticity, based on the Lord‐Shulman theory (LS) with one relaxation time and the Green‐Naghdi theory (GN) (of type II) without energy dissipation, as well as the classical dynamical coupled theory (CD), is used to study the electromagneto‐thermoelastic interactions in a semi‐infinite perfectly conducting solid subjected to a thermal shock on its surface. The entire elastic medium is rotating with a uniform angular velocity. There acts an initial magnetic field parallel to the plane boundary of the half‐space. The medium deformed because of thermal shock, the rotation and due to the application of the magnetic field. The normal mode analysis is used to obtain the exact expressions for the considered variables. The distributions of the variables considered are represented graphically for two different cases. From the distributions, the wave type heat propagation in the medium can be found. This indicates that the generalized heat conduction mechanism is completely different in essence from the classic Fourier’s law. Comparisons are made with the results predicted by the three theories in the presence and absence of rotation and a magnetic field.

In an aircraft in which the wings 10 can be moved from a spread position, tig. 1, to a swept‐back position, fig. 2, the spars 11 extend into the fuselage and are hinged together at 12, movement of the wings being effected by a hydraulic jack 14, 15 connected to links 13 whose ends are respectively connected to the spars and a fixed pivot 131.The fore‐and‐aft movement of the wings consequent upon their angular adjustment ensures that the longitudinal trim of the machine remains substantially constant. To prevent fouling of the leading edge root portions of the wings when the latter are spread, these portions are formed as separate members 16 pivoted to the main wing sections at 17, their displacement being effected by links 18 whose rear ends are connected to fixed pivots 19 or, alternatively, against the action of springs 20 when they engage fixed abutments 21. The wing loads are transmitted to the fuselage by vertical rods 23 secured to the fuselage, their upper and lower ends engaging curved slots 22 in the wings, or by the reverse arrangement in which vertical rods 37 are secured to the wings and engage slots 36 in the fuselage.

SECTION (B). GEOMETRIC ASPECTS OF TRIMMED FLIGHT The Relation Between the Various Planes of Reference The preceding analytical investigation of the trimmed conditions has been based upon the use of the particular set of axes advocated in Part I. There we took as the dominant axis the axis of the rotor shaft, and regarded as the dominant plane, plane RS, the plane perpendicular to the rotor shaft. We recall that the choice of this plane as a plane of reference was dictated by the importance attached at the outset to the study of the dynamics of the blade motion. We also pointed out that, from the mechani‐cal point of view, plane SP, the plane of the swash‐plate for in the absence of a swash‐plate, the equivalent ‘plane of no‐feathering’), could alterna‐tively be regarded as the dominant reference plane. But now we sec that if we concentrate on the aerodynamic aspect, the prevalence of the ex‐pressions (?i—?0+?0?1) and (?1—?) ascribe prime importance to the axis of the flapping cone. Now just as in the case of the rotor shaft, we chose to specify its direction by a plane perpendicular to it, so here we shall specify the axis of the flapping cone by any plane perpendicular to it. One such plane is the tip‐path plane: another is the plane through the rotor hub parallel to the tip‐path plane. We shall refer to cither plane as the plane TP, and so long as we are only concerned with directions, no ambiguity will be caused. We now have three planes competing for attention, planes RS, SP and TP, and it is our object to link these planes together and see what roles they play in the description of the motion of the helicopter as a whole, having special regard in all this to the particular position of the helicopter's C.G. It may be added that the relationship between these planes is a prominent feature of certain papers [Refs. (2), (10)], and the phrase ‘the equivalence of flapping and feathering’ is there used to describe the resultant findings. It will be shown that there are two different interpretations of this phrase, and that in one sense, what is implied is no more than the equivalence of alternative geometric descriptions of one and the same motion of a helicopter rotor. On the other hand, the phrase may be taken to mean that a rotor having no flapping hinge at all [such as the one analysed by Squire in Ref. (3)] performs effectively in the same way as one free to flap. Indeed, the results of Ref. (3) are frequently used as the basis of many trim and stability calculations of helicopters with freely flapping rotors, despite the lack of a flapping hinge in the calculations of Ref. (3). We shall see that, in general, this procedure is questionable.