Reduction In Earnings Research Articles

The Short-Term Effects of Generative Artificial Intelligence on Employment: Evidence from an Online Labor Market

Generative artificial intelligence (AI) holds the potential to either complement workers by enhancing their productivity or substitute them. We examine the short-term effects of the recently released generative AI models (ChatGPT, DALL-E 2, and Midjourney) on the employment outcomes of freelancers on a large online platform. We find that freelancers in highly affected occupations suffer from the introduction of generative AI, experiencing reductions in both employment and earnings. We find similar effects studying the release of other image-based generative AI models. Exploring the heterogeneity by freelancers’ employment history, we do not find evidence that high-quality service, measured by their past performance and employment, moderates the adverse effects on employment. In fact, we find suggestive evidence that top freelancers are disproportionately affected by AI. These results suggest that generative AI may transform the role of human capital in the organization and reduce overall demand for workers. Supplemental Material: The online appendices are available at https://doi.org/10.1287/orsc.2023.18441 .

Private economic impacts of late prostate cancer diagnosis: evidence from New Zealand's integrated data infrastructure

Prostate cancer outcomes significantly depend on its stage and grade at diagnosis. Early detection expands treatment options and improves prognosis and quality of life, especially for working-age men, preserving their ability to support their families and remain actively engaged in society. While research has extensively covered the health and psychological effects of prostate cancer, the socio-economic impacts remain less understood. This study uses data from New Zealand's Integrated Data Infrastructure (IDI) to examine the relationship between prostate cancer diagnosis and its effects on income and employment. Our analysis, focusing on early-stage and late-stage diagnoses, shows no significant employment differences in the 48 months post-diagnosis between prostate cancer patients and matched controls. However, we observe a reduction in monthly earnings post-diagnosis, with those diagnosed at a late stage experiencing a more substantial income decline.

Environmental regulation and worker earnings: Evidence from city-level air quality standards in China

This study delves into the influence of environmental regulations on worker earnings, employing China's City Air Pollution Prevention and Control Program (CAPPCP) as a quasi-experimental framework. We employ a difference-in-differences (DD) approach and match two unique firm-level data sets that include information on firm's economic indicators, and various emissions and abatement equipment. The results show that CAPPCP causes an average of 3.2% reduction in worker earnings, which amounts to CNY 6.1 billion (USD 803.4 million) in forgone earnings. The estimated result is less than that of comparable US studies. In addition, the reduction in earning tends to be attributed at bonuses rather than regular wages, and firms pay more unemployment insurance for employees. In the channel test, CAPPCP leads to an increase of 4.7% in firm's pollution abatement equipment and 6.4% in pollution treatment capacity, which significantly increase firm's production costs. We also find different types of firm responses to the regulations, where high-polluting, smaller, labor-intensive and non-SOE firms show a higher reduction in worker earnings than their counterparts. A cost-benefit analysis suggests that the health benefits gained through CAPPCP significantly outweigh that of earning losses.

Early-life gut bacterial community structure predicts disease risk and athletic performance in horses bred for racing

Gut bacterial communities have a profound influence on the health of humans and animals. Early-life gut microbial community structure influences the development of immunological competence and susceptibility to disease. For the Thoroughbred racehorse, the significance of early-life microbial colonisation events on subsequent health and athletic performance is unknown. Here we present data from a three-year cohort study of horses bred for racing designed to explore interactions between early-life gut bacterial community structure, health events in later life and athletic performance on the racetrack. Our data show that gut bacterial community structure in the first months of life predicts the risk of specific diseases and athletic performance up to three years old. Foals with lower faecal bacterial diversity at one month old had a significantly increased risk of respiratory disease in later life which was also associated with higher relative abundance of faecal Pseudomonadaceae. Surprisingly, athletic performance up to three years old, measured by three different metrics, was positively associated with higher faecal bacterial diversity at one month old and with the relative abundance of specific bacterial families. We also present data on the impact of antibiotic exposure of foals during the first month of life. This resulted in significantly lower faecal bacterial diversity at 28 days old, a significantly increased risk of respiratory disease in later life and a significant reduction in average prize money earnings, a proxy for athletic performance. Our study reveals associations between early-life bacterial community profiles and health events in later life and it provides evidence of the detrimental impact of antimicrobial treatment in the first month of life on health and performance outcomes in later life. For the first time, this study demonstrates a relationship between early-life gut bacterial communities and subsequent athletic performance that has implications for athletes of all species including humans.

Earnings and work loss after colon and rectal cancer: a Swedish nationwide matched cohort study

Colorectal cancer is common and prognosis is improving. The conditions of survivors of treatment, including financial consequences, are thus important. The aim of this study was to quantify loss of earnings and work loss in working-age patients with colon and rectal cancer relative to matched comparators. The study utilised data from the CRCBaSe database that is generated from the nationwide Swedish ColoRectal Cancer Register and includes data from several Swedish nationwide registers. The study period was 1995-2020 for rectal cancer patients and 2007-2020 for colon cancer patients. A retrospective population-based nationwide cohort study on earnings, disposable income, and work loss, in survivors of stage I-III colorectal cancer treatment was undertaken. Median regression was used to analyse earnings and disposable income, and logistic regression to analyse the probability of work loss. A cohort of 8863 colorectal cancer survivors diagnosed before 2017 and 52,514 comparators matched on birth year, legal sex, and county of residence, was analysed. There was a clear reduction in earnings between the calendar year prior to and the calendar year after diagnosis, from € 31,319 to € 23,924 for colon cancer patients and from € 32,636 to € 22,647 for rectal cancer patients, and earnings never fully recovered during the 5-year follow-up. Disposable income was practically unaltered. The probability of work loss increased in the calendar year of diagnosis, from 29.8% to 25.3% the previous year to 83.3% and 84.4% for colon and rectal cancer patients respectively, and never fully recovered. The probability of work loss was similar between colon and rectal cancer survivors, but was higher among patients with rectal cancer who had received neoadjuvant therapy. This study shows that despite an extensive welfare system providing maintained disposable income, there is a financial burden in the form of increased risk of work loss and a reduction in earnings among survivors of colorectal cancer. The study was supported by the Swedish Cancer Society, the Swedish Cancer and Allergy Foundation, and the Stockholm Cancer Society, and supported by grants provided by the Regional Agreement on Medical Training and Clinical Research (ALF) between the Stockholm County Council and Karolinska Institutet.

Enhanced Unemployment Insurance Benefits in the United States during COVID-19: Equity and Efficiency

We assess the effects of the historically unprecedented expansion of U.S. unemployment insurance (UI) payments during the COVID-19 pandemic. The adverse economic impacts of the pandemic, notably the pattern of job losses and earnings reductions, were disproportionately born by lower-income individuals. Focusing on household income as a broad measure of well-being, we document that UI payments almost completely offset the increase in household income inequality that otherwise would have occurred in 2020 and 2021. We also examine the impacts of the $600 increase in weekly UI benefit payments, available during part of 2020, on job search outcomes. We find that despite the very high replacement rate of lost earnings for low-wage individuals, the search disincentive effects of the enhanced UI payments were limited overall and smaller for individuals from lower-income households. These results suggest that the pandemic UI expansions improved equity but had limited consequences for economic efficiency.

Radiological findings in the proximal sesamoid bones of yearling and 2-year-old Thoroughbred sales horses: Prevalence, progression and associations with racing performance.

Radiological findings in the proximal sesamoid bones (sesamoids) are a persistent source of controversy at Thoroughbred sales, due to inconsistent classification and conflicting assignment of potential clinical importance. To define the prevalence of sesamoid findings on sales repository radiographs in yearling and 2-year-old Thoroughbreds and to analyse associations with racing performance. To track the changes in sesamoid findings between 1 and 2 years of age in horses that present for sale at both ages. Prospective cohort study using an enrolled sample. Horses were enrolled from a 2016 yearling sale and five 2017 2-year-old sales with consignor permission. Radiological findings relating to sesamoid vascular channel appearance, abaxial contour changes and sesamoid fragments were examined. Associations between sesamoid findings and racing performance from 2 to 4 years of age were examined using multivariate regression analyses. Clinical follow-up was sought to ascertain why horses that did not race never started. A total of 2508 yearlings and 436 2-year-olds were included for evaluation. Interobserver agreement using the new grading system was substantial. Yearling findings associated with a significantly reduced probability of starting a race were: Grade 3 vascular channels in forelimb sesamoids (0.52, P < 0.001, 95% confidence interval (CI): 0.37-0.67), abaxial new bone in forelimb sesamoids (0.62, P = 0.01, 95% CI: 0.49-0.73), apical or abaxial fragments in forelimb sesamoids (0.55, P = 0.005, 95% CI: 0.37-0.72). For affected horses that did race, Grade 3 vascular channels in forelimb sesamoids were associated with fewer race starts (9.9 starts, P = 0.03, 95% CI: 8.0-12.2) and Grade 3 vascular channels in hindlimb sesamoids were associated with a delayed start to racing careers (54 days, P = 0.01, 95% CI: 20-89). Abaxial new bone in forelimb sesamoids was associated with a 54% reduction in total earnings (P = 0.003, 95% CI: 24-72) and a 46% reduction in earnings per start (P = 0.002, 95% CI: 21-64). Abaxial concavity occurred predominantly in yearling medial forelimb sesamoids, had no impact on racing performance and mostly resolved by 2-year-old sale. These findings are applicable to horses presented for sale at public auction and may underestimate the prevalence of severe lesions in non-sales horses. Grade 3 vascular channels, forelimb sesamoid abaxial new bone and forelimb sesamoid fragments are important findings in sales repository radiology. The new grading scale assigns a numerical grade for vascular channel appearance that matches the number of enlarged vascular channels evident in a given sesamoid. Abaxial contour changes, when present in sesamoids that are Grade 0 for enlarged vascular channels, are noted separately as either abaxial new bone or abaxial concavity. Fragments are also noted and interpreted separately.

Reduction of Financial Health Incentives and Changes in Physical Activity.

Governments and others continue to use financial incentives to influence citizen health behaviors like physical activity. However, when delivered on a population scale they can be prohibitively costly, suggesting more sustainable models are needed. To evaluate the association of incomplete financial incentive withdrawal ("schedule thinning") with physical activity after more than a year of incentive intervention and to explore whether participant characteristics (eg, app engagement and physical activity) are associated with withdrawal outcomes. This case-control study with a pre-post quasi-experimental design included users of a government-funded health app focused on financial incentives. Eligible participants were residents in 3 Canadian provinces over 25 weeks in 2018 and 2019. Data were analyzed from July 2021 to December 2022. Due to fiscal constraints, financial incentives for daily physical activity goals were withdrawn in Ontario in December 2018 (case)-representing a 90% reduction in incentive earnings-but not in British Columbia or Newfoundland and Labrador (controls). The primary outcome was objectively assessed weekly mean daily step count. Linear regression models were used to compare pre-post changes in daily step counts between provinces (a difference-in-differences approach). Separate models were developed to examine factors associated with changes in daily step count (eg, app engagement and physical activity). Clinically meaningful initial effect sizes were previously reported (approximately 900 steps/d overall and 1800 steps/d among the physically inactive). In total there were 584 760 study participants (mean [SD] age, 34.3 [15.5] years; 220 388 women [63.5%]), including 438 731 from Ontario, 124 101 from British Columbia, and 21 928 from Newfoundland and Labrador. Significant physical activity declines were observed when comparing pre-post changes in Ontario to British Columbia (-198 steps/d; 95% CI, -224 to -172 steps/d) and Newfoundland and Labrador (-274 steps/d; 95% CI, -323 to -225 steps/d). The decrease was most pronounced for highly engaged Ontario users (-328 steps/d; 95% CI, -343 to -313 steps/d). Among physically inactive Ontario users, physical activity did not decline following withdrawal (107 steps/d; 95% CI, 90 to 124 steps/d). In this case-control study of incomplete financial incentive withdrawal, statistically significant daily step count reductions were observed in Ontario; however, these declines were modest and not clinically meaningful. Amidst substantial program savings, the physical activity reductions observed here may be acceptable to decision-makers working within finite budgets.

Burned agricultural biomass, air pollution and crime

Agricultural fires account for half as much burned biomass as forest fires. Like other forms of environmental degradation, burned biomass incurs social costs for society through its contribution to air pollution. One such potential cost is the increase in crime. Exploiting plausibly exogenous variation in air pollution due to increased rice stubble burning in Pakistan, I provide evidence on the causal relationship between air pollution and crime. Air pollution increases all crimes, but the increase in violent crimes is particularly salient. I provide evidence that a reduction in earnings for middle-aged and older male individuals is an important potential mechanism. I also discuss the potential psychological mechanisms involved. The social costs of burned agricultural biomass are much wider and have significant implications for developing economies that rely on agriculture.

What limits intra-household insurance or the ‘Added Worker Effect’?

Abstract The ‘Added Worker Effect’ (AWE) theory posits that partners of the unemployed provide intra-household insurance by increasing their earnings. However, estimates of the AWE are small. Popular explanations include lacking need (e.g. due to generous unemployment benefits), capacity or willingness to increase earnings, though these explanations are seldom tested systematically. Using Swiss administrative data and difference-in-differences estimates, we find an overall AWE among only non-working women. We find no systematic differences in AWEs between couples with differing needs or capacities, but aspects related to willingness like marriage, long marital duration and shared biological children are associated with higher AWEs. Men’s overall slight reduction in earnings upon their partners’ unemployment is driven by young, childless, cohabiting men. Overall, compared to unemployment insurance, in all studied subgroups, the AWE is a minimal source of insurance.

The effect of natural disasters on human capital in the United States.

Although natural disasters are commonplace, they leave in their wake an enormous amount of damage. The physical damage they cause is immediately apparent, but less obvious is the potential magnitude of disruptions to learning and resulting damage to human capital. Using the universe of Presidential Disaster Declarations in the United States, we show that natural disasters impact a region's human capital both via reductions in learning for students who remain in school as well as a reduction in the years of schooling completed. These effects appear to be scarring and persistent. Quantifying these losses using the implied reduction of lifetime earnings suggests that natural disasters reduce a region's human capital by a similar magnitude as the assessed property damage.

Effects of prescription opioids on employment, earnings, marriage, disability and mortality: Evidence from state opioid control policies

This article presents estimates of the effects of state prescription opioid control policies on prescription opioid sales, mortality and socioeconomic outcomes of adults. Results indicate that state implementation of a “modern” Prescription Drug Monitoring Program (PDMP) is associated with decreases in opioid sales of between 5% and 20% and that pill mill laws are associated with a decrease in opioid sales of between 15% and 40%. While these policies were associated with reductions in prescription opioid sales they were not significantly associated with drug- and opioid-related mortality, although estimates consistently indicated that these policies reduced mortality. In the case of socioeconomic outcomes, we found consistent evidence that the adoption of a “modern” PDMP was associated with small, but statistically significant reductions in employment of 1% to 2%; small reductions in earnings that were not statistically significant for full sample, but were significant and larger for a low-educated sample; and similarly small, marginally significant increases in receipt of public assistance, particularly for women; and a significant, but small (1%) decline in the probability of being married among females. In contrast, pill mill laws were associated with marginally significant increases in employment of 1% to 2%, but only among those ages 18 to 25; small, but insignificant increases in earnings of males of between 2% to 4%; and a significant, but small (1%) decline in the probability of being married.

The materiality of identified misstatements by auditors and earnings management

PurposeAuditors should realize misstatements and communicate to managers for adjustments. Managers usually modify the misstatements, but they have motivations, like earnings management, for not altering the misstatements. The auditor expects to identify the misstatements’ earnings management, inform the managers and reduce earnings management by proposing adjustments. This study aims to determine whether identified and adjusted misstatements cause a decline in earnings management. Is the increase in the materiality of identified and adjusted misstatements associated with a reduction in earnings management?Design/methodology/approachThe identified and adjusted misstatements are obtained from the difference between nonaudited financial statements and audited ones. Earnings management is computed using the adjusted Jones model, and the quantitative materiality threshold has also been calculated based on the Iranian auditors’ guidelines. These variables and other required information were gathered for 159 listed firms on the Tehran Stock Exchange during 2014–2019 and examined by the regression models.FindingsThe results show a negative relationship between identified and modified misstatements of total assets and earnings management and a positive and significant relationship between identified and adjusted misstatements of total liabilities and earnings management. However, the positive relationship between identified and adjusted misstatements of net income with earnings management is not significant. Besides, the relationship between the materiality difference and an absolute value of identified and adjusted misstatements (materiality minus the absolute value of misstatements) of total assets and earnings management is positive and significant, but the negative association between materiality difference and the absolute value of identified and adjusted misstatements of total assets and earnings management is not significant. The relationship between materiality difference and the absolute value of identified and adjusted net income and earnings management misstatements is negative and significant. These results indicate that the more material the identified and adjusted misstatements, the less earnings management.Research limitations/implicationsThe difference between nonaudited and audited financial statements represents identified and adjusted misstatements (audit adjustments). The client probably made some adjustments, but separating these adjustments from the auditor’s identified items was impossible with the available data.Practical implicationsThe results show that significant audit adjustments decline earnings management. Paying more attention to a high-quality audit performed by the audit firms, auditors, managers and users and, consequently, discovering misstatements and adjusting or reporting them would decline the earnings management’s unfavorable impacts.Social implicationsThe unfavorable consequences of earnings management can cause the inappropriate transfer of wealth in the capital market and some investors’ loss to others’ benefit. These consequences can cause a loss of trust and leave unfavorable psychological effects on the capital market and society. Identifying and adjusting significant misstatements can lead to the decline of such impacts.Originality/valueThe previous studies assessed the relationship between identified and adjusted misstatements (audit adjustments) and earnings quality or earnings management. However, this study focuses on audit adjustments’ materiality to assess the impact of significant adjustments on earnings management.

The Effects of Partial Employment Protection Reforms: Evidence from Italy

Abstract We combine matched employer–employee data with firms’ financial records to study a 2001 Italian reform that lifted constraints on the employment of temporary contract workers while maintaining rigid employment protection regulations for employees hired under permanent contracts. Exploiting the staggered implementation of the reform across different collective bargaining agreements, we find that this policy change led to an increase in the share of temporary contracts but failed to raise employment. The reform had both winners and losers. Firms are the main winners as the reform was successful in decreasing labor costs, leading to higher profits. By contrast, young workers are the main losers since their earnings were substantially depressed following the policy change. Rent-sharing estimates show that temporary workers receive only two-thirds of the rents shared by firms with permanent workers, helping explain most of the labor costs and earnings reductions caused by the reform.

THE EFFECT OF LEVERAGE, ACCEPTABLE TURNOVER AND INVENTORY TURNOVER ON COMPANY PROFITABILITY

This study aims to determine the effect of leverage, accounts receivable turnover and inventory turnover on profitability in food and beverage industry companies listed on the IDX for 2019-2021. This research is quantitative in nature. The sample used consisted of 18 companies from a population of 26 food and beverage companies listed on the Indonesian Stock Exchange in 2019-2021. This study makes use of Indonesia Stock Exchange as a secondary data. The method of data analysis employed is panel data regression. The results showed that Profitability is a predictable growth or reduction in annual earnings. Significant profit capability indicates the company's potential to generate high profits, resulting in a rise in dividend payout. Hence, the potential to generate profits will influence the decision of investors to raise their capital investment in the business.

Sales and race performance of juvenile Thoroughbreds with surgically corrected large colon displacements.

Juvenile Thoroughbreds can be expensive to raise and train to race. Part of the economic return in these juveniles are the weanling, yearling and 2-year-old in training sales at which major surgeries must be declared. To determine if surgically corrected large colon displacements were associated with a reduction of sales price and racing performance. We hypothesised that the surgery would be associated with a reduced sales price but would not be associated with a reduction in race earnings or starts. Retrospective cohort study. The medical, sales and racing records of horses less than 2 years old that had a surgical diagnosis of large colon displacement were examined (n=110). Surgical cases were compared with a control group (n=299) whose sales and racing data were evaluated. There was no significant difference in median sale price overall between the two groups. Horses undergoing surgery had a reduced number of starts in the 2-year-old year (1 start; p < 0.001) when compared with control horses (2.32 starts), but no significant difference over the 2- to 4-year-old period. There was no significant association with surgery on earnings within the 2- to 4-year-old period of racing when compared with controls. The main limitations for this study were the retrospective design, relatively small number of horses and covering only the 2- to 4-year-old period of the horses' racing career. Overall, the results of this study suggest that if the juvenile Thoroughbred requires surgery for a large colon displacement, there is minimal association with sales price or race performance compared with their siblings. With this information, it will be easier to make informed decisions to take young horses to surgery.

АНТИКРИЗИСНОЕ УПРАВЛЕНИЕ ПРОМЫШЛЕННЫМ ПРОИЗВОДСТВОМ В УСЛОВИЯХ САНКЦИЙ

This article examines the factors that determine the systemic stability of Russian industry in the context of the imposition of sanctions by foreign countries. The purpose of the article is to identify areas of anti-crisis management of industrial production in modern conditions of sanctions pressure. As a result of the study, the role of anti-crisis management of industrial production in Russia for its restoration was revealed. Overcoming the annual indicators of unprofitable enterprises in Russia since 2016 was not possible until 2023. In addition, the number of bankrupt enterprises in the period 2007–2022. does not decrease. These indicators indicate the significant influence of external factors associated with geopolitical influence on the activities of enterprises. The study identified risks associated with the activities of industrial enterprises: the risk of a global recession, a high probability of increased sanctions pressure, the risk of a reduction in export earnings and the persistence of pro-inflationary risks. The sanctions pressure did not provoke a serious crisis in the regional industry, but created conditions for reducing dependence on imports, localizing production within the region, optimizing the structure and vector of foreign trade activities of industrial enterprises. However, due to the increased sanctions pressure in 2022 in the field of industrial production, it is necessary to formulate additional measures for anti-crisis management. Anti-crisis management under sanctions depends not only on the activities of the enterprises themselves based on internal processes, but also on the activities of the state. To build new supply chains, establish alternative channels for selling products, and actively develop import substitution, large-scale infrastructure investments are required, which depends on significant government participation in the form of investments and the formation of legislation to support the development of domestic industrial production.

Strategies and premises of earnings management in public companies listed on the Warsaw Stock Exchange – the results of survey research

Purpose: The paper's main aim is a holistic presentation of genuine motives, strategies and patterns of earnings management phenomenon in public companies listed on the Warsaw Stock Exchange. Design/methodology/approach: The survey was carried out among 124 finance managers and public companies' accounting services representatives from the Polish capital market. The research sample selection was random (exhaustive testing); the survey was conducted in June-August 2023. Findings: During the research, it turned out that 29% of respondents admitted to implementing EM practices in firms they represent. Interviewees declared the use of various accrual-based and real EM instruments in a complementary way. The dominant EM strategies proved to be income smoothing and avoidance of earnings reduction, while the main reasons for EM implementation respondents included creating the image of a more profitable company (compared to the largest competitors), meeting market analysts' expectations regarding the level of reported financial result and showing better development prospects for the company. Research limitations/implications: This paper allows for identifying the level of willingness to implement earnings management practices among executives of public companies and, as well as measuring the awareness of finance managers and representatives of accounting services regarding the possibilities of using particular instruments and techniques of accrual- based and real earnings management in business practice. Originality/value: This study fills a gap in the literature regarding the accounting data quality reported among listed companies in Poland. Most studies on the issue of earnings management focus on estimating the scale and scope of the practices mentioned above using specific regression models. Empirical research based on survey techniques in which respondents professionally responsible for financial reporting in listed companies would present their views or experiences regarding earnings management is rarely seen. Keywords: accrual-based earnings management, real earnings management, public companies, survey research. Category of the paper: research paper.

A Simple Approach to Better Distinguish Real Earnings Manipulation from Strategy Changes*

ABSTRACTResearchers typically infer real earnings management when a firm's operating and investing activities differ from industry norms. A significant problem with classifying deviations from industry averages as myopic earnings management is that companies can change their operating and investing decisions for strategic business reasons rather than to mislead stakeholders. Using principal components analysis, we systematically evaluate existing measures and develop a comprehensive real activities measure to better capture earnings manipulation. Our measure reflects (i) deviations from industry averages across multiple activities and (ii) other signals of manipulation. This approach is promising because, although there are many sources of abnormal activities, manipulation is more likely the cause when managers engage in multiple income‐increasing abnormal activities that coincide with other signals that indicate an elevated risk of manipulation. This simple approach results in a metric that associates negatively with future operating performance and earnings persistence, yields high‐power tests, and captures manipulation reasonably well across most life‐cycle stages. Importantly, this approach performs better than the standard real earnings management metrics across all dimensions. Specifically, it generates the expected reduction in future earnings and reduced earnings persistence in 82% of the tests compared to 36% and 46% in common alternatives. Also, because this innovation does not require a long time‐series or rely on future period realizations for classification, it can be useful in more research settings than other recent innovations in the literature.

Valuing Losses of Pension Benefits

Valuing Losses of Pension Benefits