Headlines about "Executive benefits"

Gathered from the web by the editors at BenefitsLink.com.

[Guidance Overview] Section 409A Compliance Deadline
Excerpt: "This client alert is intended to bring to your attention certain decisions and actions that must be taken by December 31, 2008 with regard to all plans of nonqualified deferred compensation subject to Internal Revenue Code Section 409A." (Baker & McKenzie LLP)

[Opinion] Funding Executive Plans: Good Planning or Pension Manipulation?
Excerpt: "A front page article in the August 4th edition of the Wall Street Journal outlines a method by which companies are transferring portions of their non-qualified deferred compensation obligations of senior executives into their qualified plans. . . . The program outlined in the Journal article may very well be reasonable. The IRS should examine this practice to determine whether it violates the anti-discrimination rules. If it does, the IRS should eliminate it administratively or request Congress to pass clarifying legislation." (Pension & Benefits Blog)

Golf Club Dues and Other Executive Fringe Benefits Trimmed Way Back
Excerpt: "A growing number of companies are finding that there's a pretty simple way to avoid taking heat over lucrative fringe benefits that are dished out to top executives: Just pull the plug on perks. Now that the Securities and Exchange Commission requires companies to disclose executive benefits valued at more than $10,000, large corporations are shedding some of the smaller -- yet most frequently offered -- fringe benefits provided to their top officers." (Financial Week; free registration required)

[Guidance Overview] IRS's Retirement News for Employers, Special Edition, August 29, 2008 (PDF)
Excerpt: "The Treasury Department and IRS released Notice 2008-62 in advance of the forthcoming Code з457(f) proposed regulations to provide relief to schools as they begin their 2008/2009 school year. The use of a 12-month pay period that spans two calendar years for employees that actually only work for 9 or 10 months results in compensation earned in one year being deferred to a second year. The notice establishes criteria which, if met, excludes arrangements in which school employees are compensated on a 12-month pay period in lieu of the 9 or 10-month actual work period from being considered as deferred compensation and, therefore, not subject to the rules under Code зз457(f) and 409A." (Internal Revenue Service)

[Guidance Overview] Certain Year-End and Early 2009 Deadlines Approaching for Retirement and Welfare Benefit Plans
Excerpt: "As the end of the calendar year fast approaches, sponsors of retirement and welfare benefit plans should review those plans (including the administration of those plans) to make sure such plans are (or will be) in compliance with year-end and early 2009 requirements." (Bond, Schoeneck & King, PLLC)

U.S. Companies Move to Make Executive Pay More Shareholder Friendly
Excerpt: "Companies are moving to make their executive pay programs more appealing to shareholders, according to an analysis of proxy statements released earlier this year. Survey findings show that companies are also looking at overhauling portions of their executive benefit plans and severance policies." (Watson Wyatt Worldwide)

[Guidance Overview] Trends in Capital Accumulation Plans, August 2008 (PDF)
5 pages. Excerpt: "Over the past 15 to 20 years, Capital Accumulation Plans (CAPs) have become popular retirement vehicles for many Canadian employers. Unlike Defined Benefit (DB) pension plans, which provide a particular level of retirement income, CAP sponsors commit only a specified contribution to their employees' retirement plans, which are most often managed by the individual members." (Towers Perrin)

[Guidance Overview] IRS Carves Out from Code Sections 457(f) & 409A Certain Arrangements by Public School and Other Employees to Have Salary Paid over 12 Months
Excerpt: "Under a common arrangement, public school and other employees who provide services during only a portion of the year can elect to be paid ratably over 12 months. This 'election to defer' payment can trigger the unwanted application of IRC з 457(f) which governs certain deferred compensation plans of tax-exempt entities and state and local governments, and IRC з 409A which otherwise governs amounts deferred under nonqualified deferred compensation plans. IRS recently issued guidance to preclude the unwanted application of IRC зз 457(f) & 409A to these and other similar arrangements. IRS Notice 2008-62." (Deloitte)

[Guidance Overview] An Unforeseeable Catch-22 Ч Stuck Between a 401(k) Rock And a 409A Hard Place
Excerpt: "The interplay between the 401(k) plan rules regarding hardship distributions and the Code Section 409A rules regarding unforeseeable emergencies can work to prevent one who participates in both plans from being able to receive a 401(k) hardship distribution or cease elective 409A plan deferrals to access cash for authorized hardship events. This possibility will be explained in this article. This article will also summarize the 401(k) plan financial hardship rules, as well as the Section 409A unforeseeable emergency rules, and demonstrate how these rules can conspire to put the executive in a Catch-22. [Article republished with permission from the Journal of Pension Benefits]" (Chang, Ruthenberg & Long PC)

[Guidance Overview] 2008 Deferred Compensation Elections under Code 409A Transition Rules
Excerpt: "The final regulations under Code з409A become mandatorily effective January 1, 2009. To cover the period from 2005 (when Code з409A went into effect) through 2008 inclusive, Treasury and the IRS have issued voluminous interim and transitional guidance. Importantly, this guidance permits a participant to change an existing payment election without: i) having to comply with the very restrictive 409A change payment election rules; and ii) without violating the 409A rules prohibiting acceleration of payment." (SunGard)

[Guidance Overview] Employee Benefits Developments, August 2008 Issue
Includes ESOP Dividends -- New Tax Reporting Rules; Mere Posting of SPD on Intranet Does Not Ensure Actual Receipt; Trilogy of IRS Guidance Regarding Health Savings Accounts; Service by Director as Interim CEO Results in Loss of Tax Deduction for Corporation; IRS Proposes Regulations Regarding 'Greater of' DB Plan Formulas; and No FICA Tax Refund On Nonqualified Deferred Comp Plan Benefits Never Received; Kentucky Retirement System Does Not Violate the ADEA. (Hodgson Russ)

Some Firms' Options Drowning as Stock Drops Pound Fortune 500
Excerpt: "Compensation consultants say an increasing number of companies are considering dealing with their now-worthless options, either by repricing them or exchanging them for newly issued restricted stock." (Workforce Management)

[Guidance Overview] On the Interplay Between 401(k) Hardship Distribution Rules and 409A 'Unforeseeable Emergencies'
Excerpt: "The interplay between the 401(k) plan rules regarding hardship distributions and the Code Section 409A rules regarding unforeseeable emergencies can work to prevent one who participates in both plans from being able to receive a 401(k) hardship distribution or cease elective 409A plan deferrals to access cash for authorized hardship events. This possibility will be explained in this article. This article will also summarize the 401(k) plan financial hardship rules, as well as the Section 409A unforeseeable emergency rules, and demonstrate how these rules can conspire to put the executive in a Catch-22." (Chang Ruthenberg & Long PC)

[Guidance Overview] Final Deadline for Section 409A Amendments
Excerpt: "Identifying and updating every deferred compensation arrangement subject to Section 409A is time-consuming. These amendments often require the consent of affected participants, the review and approval of the employer's board of directors (or compensation committee) and, for public companies, disclosure of the amendments in SEC filings. Because the amendments need to be completed by December 31, 2008 and because year-end board agendas will fill up quickly, employers need to complete their compliance initiatives now." (Pepper Hamilton LLP)

Supreme Court Cases May Impact Non-Qualified Deferred Compensation Plans
Excerpt: "As I discussed last Friday, the 2008 term of the U.S. Supreme Court was a bad one for qualified and non-qualified plan sponsors. The Court's rulings in Metropolitan Life Ins. Co. v. Glenn and LaRue v. DeWolff, Boberg & Associates, Inc., made it significantly easier for plan participants to bring legal challenges against the decisions of employers and retirement plan fiduciaries." (Michael S. Melbinger via Winston & Strawn LLP)

Executive Pay Guidelines are Changing
Excerpt: "Responding to criticism of executive pay packages, a growing number of U.S. companies are making their executive pay programs, as well as portions of their executive benefit plans and severance policies, more shareholder friendly, Watson Wyatt found." (PLANSPONSOR.com; free registration required)

[Guidance Overview] Fifth Circuit Applies Glenn Principles on Conflict of Interest Issue
Excerpt: "Crowell v. Shell presents a number of interesting issues, including an in-depth look at when supplemental retirement benefits conferred through 'letters of agreement' may constitute ERISA plans. The conflict of interest issue, however, is of particular interest given the fresh look it provides into how the Fifth Circuit will incorporate that holding into its precedent on judical review of benefit denials. It appears the Court has acknowledged at least one significant change. When a plan administrator operates under a conflict of interest?" (Health Plan Law blog by Attorney Roy F. Harmon III)

[Guidance Overview] MetLife v. Glenn Enters the Executive Compensation Arena
Excerpt: "The recent case of Sluimer v. Verity Inc. (N.D. Cal. 2008) involved a relatively routine question of whether a company properly denied severance benefits to a former employee under an ERISA plan. However, the case is significant for all executive compensation professionals because it marks the first entry of the U.S. Supreme Court's recent decision in Metropolitan Life Ins. Co. v. Glenn, 128 S. Ct. 2343, 2346 (2008), into the executive compensation arena." (Michael S. Melbinger via Winston & Strawn LLP)

Xtreme ERISA Blog Discusses Unclear Short Term Deferral Issue
Excerpt: "Interesting Article Regarding Olympics and Short Term Deferral Rules. Unclear whether this approach is permitted under the regulations. 'So what of a stream of severance payments? If one is terminated on 12/31, only two-and-a-half months' of payments would be made within the S-TD period? Does that possibility doom all but two-and-a-half months' of payments to the Curse of Cap-A?" (409A Dismay)

[Guidance Overview] Deadline for Code Section 409A Compliance (PDF)
Excerpt: "By December 31, 2008, all plans and arrangements subject to Code Section 409A must be in writing and the written terms of those arrangements must comply with Code Section 409A." (Alston & Bird LLP)

[Guidance Overview] Annualization Agreements Taken Out of 457 and 409A
Excerpt: "The tax planning probably wasn't what the IRS had in mind when the final Code з409A regulations listed income annualization agreements as possible 409A situations. An example will demonstrate what an annualization agreement is and why the IRS would view it as a deferral arrangement." (SunGard)

Boeing Says It Doesn't Raid Workers' Pension Funds
Excerpt: "Boeing doesn't raid workers' pension funds to pay extraordinary executive pension benefits, the company said [Monday August 11]. That statement came in reply to a request from a union representing its engineering and technical workers about whether Boeing was moving some of its executive pension liabilities to the workers' pension fund in a way some companies did in a recent Wall Street Journal article. 'We don't make the kinds of transfers described in the Wall Street Journal article,' said Boeing spokesman Tim Healy." (Tacoma News)

[Guidance Overview] The Final 415 Regulations: Post Severance Compensation and Post Year End Compensation
Excerpt: "Few concepts are more confusing than how post severance compensation and post year end compensation actually work in a defined contribution plan. The concepts were introduced in the proposed section 415 regulations and included in the final 415 regulations released in April of 2007. This article will define and compare each term and apply the definitions to a plan with a participating employee terminating in December. Finally, the implications of each definition of compensation on employee elective deferral elections, employer contributions and reporting will be discussed." (Fort William LLC)

Former CareFirst CEO Sues State of Maryland, Calls Decision Over Severance 'Irrational'
Excerpt: "William L. Jews, former CEO of CareFirst BlueCross BlueShield, is suing state insurance regulators who decided last month to cut in half his $18 million severance package from the health insurer. In a federal lawsuit filed in U.S. District Court in Baltimore on Aug. 11 against Maryland Insurance Commissioner Ralph Tyler, Jews calls the decision 'irrational' and alleges the reduction of his severance to about $9 million violates federal law. CareFirst also is named in the suit." (Baltimore Business Journal via bizjournals.com; free registration required)

[Guidance Overview] Proposed Regs Provide Guidance on Options Granted Under Employee Stock Purchase Plans
Excerpt: "The IRS has issued proposed regulations, amending existing regulations under Code Sec. 423, which affect those who participate in the transfer of stock pursuant to the exercise of options granted under an employee stock purchase plan. Such options, under Code Sec. 423, and incentive stock options, under Code Sec. 422, are collectively called statutory options." (Wolters Kluwer)

[Guidance Overview] IRS's Proposed Reporting Requirements for Incentive Stock Options
Excerpt: "Prior to the law change, an employer's primary reporting responsibility was to the employee. Now, similar information will be required to be provided to the IRS to ensure taxpayer compliance with the associated ordinary income tax and capital gains requirements. In this article, we review the implications of these proposed requirements." (JPMorgan Chase & Co.)

SPEEA Demands Boeing Disclose Funding of Executive Pensions
Excerpt: "The Society of Professional Engineering Employees in Aerospace (SPEEA), IFPTE Local 2001, formally requested the information from Boeing after a recent investigative news report by The Wall Street Journal uncovered U.S. corporations funding executive pensions by funneling funds through regular employee plans. This practice weakens employees' pensions while allowing corporations to take advantage of huge tax benefits not normally available for executive pension plans." (Business Wire via MarketWatch)

[Opinion] Beware of Beneficiary Provisions in Equity Plans
Excerpt: "This article was recently posted on CorporateCounsel.net and on the NASPP website. In this posting, Ed Burmeister speaks candidly about equity plans and beneficiary provisions." (Baker & McKenzie LLP)

[Opinion] Rebuttal to Misleading Article in August 4, 2008, Wall Street Journal
Excerpt: "[I] feel bound to correct some of the distortions in the article on the front page of [the August 4, 2008 of] The Wall Street Journal ('Companies Tap Pension Plans To Fund Executive Benefits'). This plan design is far from 'a dubious use of the tax laws.' It is perfectly legal and not even close to the line. I first blogged on this plan design alternative a couple years ago -- when we referred to it as the 'QSERP' (to be clear, I cannot take credit for creating it)." (Michael S. Melbinger via Winston & Strawn LLP)

[Guidance Overview] SEC Releases Interpretive Guidance on New Executive Compensation Disclosure Rules (PDF)
Excerpt: "The interpretative guidance is briefly summarized . . . with the July 3, 2008 guidance presented in italics. [Originally published January 29, 2007; updated July 31, 2008]" (Frederic W. Cook & Co., Inc.)

Companies Tap Pension Plans To Fund Executive Benefits
Excerpt: "At a time when scores of companies are freezing pensions for their workers, some are quietly converting their pension plans into resources to finance their executives' retirement benefits and pay. In recent years, companies from Intel Corp. to CenturyTel Inc. collectively have moved hundreds of millions of dollars of obligations for executive benefits into rank-and-file pension plans.' (The Wall Street Journal)

[Guidance Overview] Section 409A Documentary Compliance Deadline Looms (PDF)
Pages 1-2 of 5 pages. Excerpt: "Although there is much to be done to have all plan documents and agreements compliant with section 409A by the end of 2008, taxpayers who have begun the process and even those who have not, but who take prompt action this summer, still should be able to meet the upcoming plan documentation deadlines." (Miller & Chevalier Chartered)

[Guidance Overview] Section 409A Documentary Compliance Deadline Looms (PDF)
Pages 1-2 of pages. Excerpt: "Although there is much to be done to have all plan documents and agreements compliant with section 409A by the end of 2008, taxpayers who have begun the process and even those who have not, but who take prompt action this summer, still should be able to meet the upcoming plan documentation deadlines." (Miller & Chevalier Chartered)

Adding Performance Criteria to Your Stock Options
Excerpt: "As performance-based long-term incentives have become more prevalent in the United States (US) in recent years, the question has arisen whether performance features should be extended to stock options. The consensus has been that stock options are inherently performance-based since no benefit is obtained unless the share price increases from the grant date value. While the addition of performance features to stock options is not yet a common practice in the US, we are seeing more (and at times notable) instances of their use." (Hay Group)

Executive Perquisites
Excerpt: "Hay Group's examination of 2008 proxy statements found that most companies now are disclosing all perks, even where they total less than $10,000 in value. Of course, some organizations follow the reporting requirements precisely and do not disclose the smaller perks." (Hay Group)

Options Losing Luster as Long-Term Incentive Tool
Excerpt: "A new survey by an Alpharetta, Georgia research firm finds that stock options are gradually losing their status as the most common form of equity-based compensation." (PLANSPONSOR.com; free registration required)

[Guidance Overview] 409A Ч Plan Terminations
Excerpt: "[Code] Sec. 409A allows a company to terminate its non-qualified retirement and deferred compensation plan, and pay out benefits, under specified circumstances. Because of the complexities of 409A, the possibility of a new political party in power and rising income and social security tax rates in 2009 (maybe accelerating tax into 2008 isn't such a bad idea), and the additional risk of 409A's required six-month delay in payouts to key employees, [s]ome companies have decided to terminate their non-qualified retirement and deferred compensation plans, and pay out benefits." (Michael S. Melbinger via Winston & Strawn LLP)

In Canada, New Disclosure Rules Expected for Executive Compensation
Excerpt: "Requirements for disclosing companies' executive compensation policies are expected to change by the end of 2008. If approved, the new regulations would be enforceable starting in the 2009 proxy season and would require substantial changes to how executive compensation is calculated and recorded for many employers." (Watson Wyatt Worldwide)

[Guidance Overview] Required Changes to Deferred Compensation Plans (PDF)
4 pages. Excerpt: "IRS regulations regarding Section 409A of the Internal Revenue Code will become effective on January 1, 2009. By that date, all plans providing for compensation governed by 409A's new statutory and regulatory restrictions will need to be made compliant, both in form and in operation, with Section 409A's strict rules." (Patterson Belknap Webb & Tyler LLP)

[Guidance Overview] Are You Ready for the Section 409A Compliance Deadline? (PDF)
3 pages. Excerpt: "All nonqualified deferred compensation arrangements must satisfy, or be exempt from, the requirements of Section 409A of the Internal Revenue Code by December 31, 2008." (Holme Roberts & Owen LLP)

[Guidance Overview] IRS Proposed Regs on Reporting Requirements for Statutory Stock Options Under IRC Sec. 6039
Excerpt: "The Internal Revenue Service has issued proposed regulations governing the return and information statement requirements under IRC Sec. 6039 that reflect changes to that section made by the Tax Relief and Health Care Act of 2006. The proposed regulations, which relate to statutory stock options, appeared in the July 17 Federal Register." (Wolters Kluwer)

[Guidance Overview] 409A Spurs More Companies to 'Fund' Their Non-Qualified Plans
Excerpt: "The most prevalent reason for this increase in funded plans is the new, six-month waiting period required by 409A." (Michael S. Melbinger via Winston & Strawn LLP)

[Guidance Overview] More on Funding Non-Qualified Plan Benefits
An earlier blog on funding non-qualified plan benefits generated several questions, which are answered on this page. (Michael S. Melbinger via Winston & Strawn LLP)

[Guidance Overview] 'Golden Coffins' Offer Big Payouts
Excerpt: "To the list of golden parachutes and golden handcuffs, add 'golden coffins': lavish death benefits for CEOs that can include massive severance payments made to an executive's estate after he or she dies." (Human Resource Executive Online)

[Guidance Overview] 409A Year-End Survival Guide (PDF)
2 pages. Excerpt: "As widely reported, the IRS is highly unlikely to postpone the December 31, 2008 deadline for revising executive compensation arrangements to comply with Code section 409A. This date also marks the end of the 409A transition period, which has already lasted nearly four years and provided employers and executives with great flexibility. In the attached memo we offer (1) drafting tips for amending these arrangements, (2) aids in identifying arrangements subject to 409A, and (3) action items in light of the transition period ending." (Groom Law Group)

[Guidance Overview] Eligible Transactions and Corrections Under IRS Notice 2007-100 (PDF)
12 pages. The listing also includes examples and relief available. (Prudential Retirement)

[Guidance Overview] Glossary of Special Terms Related to Nonqualified Deferred Compensation Plans (PDF)
1 page. (Prudential Retirement)

[Guidance Overview] IRS's Correction Procedures for Certain Operational Failures by Nonqualified Deferred Compensation Plans (PDF)
4 pages. Excerpt: "These correction procedures are available to plan sponsors of and participants in nonqualified defined benefit or defined contribution plans that provide for the deferral of compensation (section 409A plans), including section 457(f) plans." (Prudential Retirement)

[Guidance Overview] Netherlands Government Backs New Taxes on Executive Pensions (PDF)
2 pages. (Towers Perrin)

[Guidance Overview] Updating Your ERISA Retirement Plan for Section 415 Changes
Excerpt: "With certain exceptions, the final regulations are applicable to limitation years beginning on or after July 1, 2007. For most plans, this means that the final regulations took effect as of January 1, 2008. Generally, plans are required to be amended to comply with the Section 415 final regulations. The plan amendments must be made by the employer's deadline for filing its income tax return (including extensions) for tax year 2008 (sometime in 2009)." (Aiken and Aiken)

[Official Guidance] Text of Prop. IRS Regs on Required Returns and Employee Statements for ESOPs, Incentive Stock Options and Sec. 423 Employee Stock Purchase Plans (PDF)
5 pages. Excerpt: "This document contains proposed regulations relating to the return and information statement requirements under section 6039 . . . [which] reflect changes [made by] the Tax Relief and Health Care Act of 2006. These proposed regulations affect corporations that issue statutory stock options . . . [under sections 422 or 423]. As amended by the Act, section 6039 requires corporations to file an information return with the IRS, in addition to providing employees with an information statement, following a stock transfer. The time and manner for filing a return with the IRS, as well as the information to be contained in the return and furnished to employees, is addressed in these proposed regulations. Section 6039, as amended by the Act, applies to stock transfers occurring on or after January 1, 2007." (Internal Revenue Service)

Technical Issues Related to Accelerated Vesting of Restricted Stock Units at Retirement (PDF)
4 pages. Excerpt: "The accelerated vesting of RSUs can make them a form of nonqualified deferred compensation, subject to a variety of tax issues. This letter discusses three tax issues arising from the accelerated vesting of RSUs of which employers should be aware." (Frederic W. Cook & Co., Inc.)

[Guidance Overview] Deferred Compensation for My Future? Or Take the Money Now?
Excerpt: "Rules have long been in effect regarding non-qualified deferred compensation arrangements. One of those rules provides that the amount deferred must not be constructively received by the taxpayer or it will be taxed currently. This means that the deferred amount must remain subject to claims of creditors of the employer. Depending on the financial condition of the employer, this might be a real problem for the taxpayer employee--especially if the arrangement is to continue for a long period of time." (BNA Tax Management)

[Guidance Overview] New Jersey Supreme Court Holds Deferred Compensation Plans with Forfeiture Provisions Lawful
Excerpt: "On June 25, 2008, the New Jersey Supreme Court issued its decision in Melvin Rosen v. Smith Barney, Inc. (A-49-07), holding that deferred compensation plans with vesting periods and forfeiture provisions do not violate New Jersey's wage and hour law or public policy." (Littler Mendelson P.C.)

Non-Qualified plan Participants Demand Communication Account Tools
Excerpt: "A survey co-sponsored by executive benefits consulting firm MullinTBG and PLANSPONSOR found that 69% of NQDC sponsors ask third-party recordkeepers to furnish account services such as online information tools, an on-demand benefit statement, online enrollment, and access to call centers." (PLANSPONSOR.com; free registration required)

[Guidance Overview] Deadline for 409A Compliance Fast Approaching
Excerpt: "The cost for non-compliance with Section 409A can be very high. NQDC plans that do not comply with Section 409A are subject to the immediate taxation of all vested amounts deferred, including earnings, for all years in all similar plans plus interest plus a 20% penalty tax. Additionally, Section 409A does not provide any exceptions to this penalty calculation for de minimus violations." (Aiken and Aiken)

[Opinion] Another Potential Trap Under 409A
Excerpt: "IRS and Treasury Department officials recently discussed a trap that (in my opinion) emphasizes the absurdity of so much of Code Sec. 409A." (Michael S. Melbinger via Winston & Strawn LLP)

[Guidance Overview] Amending Split-Dollar Life Insurance Arrangements May Avoid Section 409A Treatment (PDF)
Page 1 of 5 pages. Excerpt: "If an SDA is subject to Code Section 409A, the next and more difficult step is determining what amendments are required to comply with Section 409A. Generally, the amended SDA should limit distributions to those events permitted under Section 409A (termination of employment, death, disability, change in control, hardship or stated time)." (Miller & Chevalier Chartered)

[Guidance Overview] Important Deadline Under Section 409A Approaching for Nonqualified Deferred Compensation Plans and Faculty Members of Academic Institutions (PDF)
3 pages. Excerpt: "This is a reminder that the deadline for compliance with the Internal Revenue Code Section 409A rules is approaching quickly. In addition, this is an alert to all academic institutions to a potential Section 409A issue affecting their faculty members that must be addressed prior to the beginning of the next academic year. It is very unlikely that either of these deadlines will be extended further. Therefore, it is important that any necessary action be taken promptly." (Womble Carlyle Sandridge & Rice, PLLC)

Executive Compensation: A New View from a Long-Term Perspective, 1936-2005
Excerpt: "We analyze the long-run trends in executive compensation using a new panel dataset of top executives in large publicly-held firms from 1936 to 2005, collected from corporate reports." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)

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