TY  - RPRT
        AU  - Cardinale, Mirko
AU  - Orszag, Mike
        TI  - Severance Pay and Corporate Finance: Empirical Evidence from a Panel of Austrian and Italian Firms
        PY  - 2004/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 1383
        UR  - https://www.iza.org/index.php/publications/dp1383
        AB  - This paper examines the empirical link between severance pay and corporate finance.
Severance pay is an economic debt of the employer and hence should be taken into account
by the market in its assessments of risk. Using a hand collected dataset of accounting data
from Italy and Austria we find there is only a limited relationship between severance pay and
market risk indicators. This suggests that arguments that severance pay systems destroy
corporate value may need to be reassessed.
        KW  - Italian employee benefits
KW  - severance pay
KW  - corporate finance
KW  - Austrian employee benefits
        ER  -