Most Popular Books by Michael Harrison

This paper considers a world in which pension funds may default, the cost of the associated risk of default is not borne fully by the sponsoring corporation, and there are differential tax effects. The focus is on ways in which the wealth of the shareholders of a corporation sponsoring a pension plan might be increased if the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) follow simple and naive policies. Under the conditions examined, the optimal policy for pension plan funding and asset allocation is shown to be extremal in a certain sense. This suggests that the IRS and the PBGC may wish to use more complex regulatory procedures than those considered in the paper.

Examines charges recently made in the British press of involvement of Prince Edward, grandson of Queen Victoria, in the London murders of the still unidentified Jack the Ripper.

Oskar fährt mit seinem Freund Fabio ins Zeltlager. Dort verschwinden Geld und Wertgegenstände. Alles deutet darauf hin, dass der Dieb Serdal ist, Oskars Zeltgenosse ...