A long criticism on the usefulness of the traditional CAPM model has been raised in the vast literature of arbitrage pricing models that propose several risk factors on firm fundamentals or investigate the stochastic properties of stock returns' distributions, (Fama and French (2004)). However,...

This paper presents the results of the actuarial valuation method Projected Unit Credit ("benefits/years of service") in order to assess the effects of the public sector downsizing on real economy and social security in Greece, using a prototype data set. We found a social security loss of about...