GLG News by Stock Repurchase Accounting Academic Experts

1)  The PBGC increasing the amount of insured benefits for qualified, defined benefit plans is a normal, annual event. 2)  Ignoring the impact of this increase on firm valuation can be problematic. 3)  Financial analysts, following mature and declining industries and firms, must pay particular...

Unfunded pension and OPEB benefits (e.g., Other Post Retirement Benefits - health care) have little or no priority of claims in bankruptcy, in relationship to other forms of debt.  As political currents change, the possibility of radically changing this situation also changes.  (See...

Dr. Mangieor's analysis is insightful and correct. Investors need better pension/OPEB disclosures regarding risks. However all the risk within a pension scheme must be recognized, understood, and managed. Too many times the risk within a pension/OPEB scheme is viewed as having a single dimension: default...

US auto manufacturers face a huge dilemma.  To be competitive with Toyota and other non-US auto manufacturers, they must lower health care costs and unfunded liabilities.  (This is well documented in the referenced article.)  What is interesting is the impact on value from both the...

The key implications of Rank Group's actions are threefold. First, it is harder for companies to borrow from employees with off balance sheet pension schemes.  Disclosure requirements have increased (i.e., FASB). Second, pensions have always been a too-often neglected risk dimension in corporate...

Too often the managers of pension funds use an objective of maximizing return.  However in doing so, they neglect risk.  In the volatile markets of today, the focus on returns, while neglecting risk, is causing problems.  It's time to stake a step back and rethink the management...

The process of managing pension plans (defined benefit plans) is too often simplified and neglected due to its long-term nature.  Like Dr. Mangiero, I also agree that the degree of sophistication needs to be raised.  However to do so, all risks within the process must be recognized and managed...

1.    Convergence of U.S. and international accounting standards is coming. 2.    The pace for this evolution is quickening. 3.    This convergence is troublesome, not because of its goals, but because of the expectations of financial...

The real challenge for the PCAOB, auditors, and financial analysts is not the lack of expertise.  The real challenge is twofold: 1.    The user of financial statements must be educated and revise their expectations. 2.    The US legal system must ...

The US accounting profession has long dealt with fair value.  However how US accountants deal wit fair value is first a function of the US legal system.  Until the US legal system changes, the US accounting profession will always have challenges.  Thus the US accounting profession will...