Fine violins as an alternative

investment: Strings attached?

Received (in revised form): 13th December, 2007

R.A.J. Campbell
completed her PhD on risk management in international financial markets at Erasmus University, Rotterdam in 2001. She currently works at the
University of Maastricht as an assistant professor of finance. Her work has been published in a number of leading journals, including the Journal of
International Money and Finance, Journal of Banking and Finance, Financial Analysts Journal, Journal of Portfolio Management, Journal of Empirical
Finance, Journal of Risk and Derivatives Weekly. She teaches for Euromoney Financial Training on art investment and works as an independent
economic advisor for The Fine Art Fund in London, and for Fine Art Wealth Management, UK. She currently is a member of the supervisory board of
ARTESTATE GmbH, based in Germany.

Abstract The continual search to reap higher risk-adjusted returns has led to a number of highly
alternative assets to be considered for financial investment purposes. Recently, a number of funds
have emerged to indirectly invest in the arts sector. The focus has been on fine art, wine and more
recently into the possibility of investing into other collectible items and memorabilia. One such area is
musical instruments. In this paper, we take a look at the violin sector in particular, which has shown
steady annual growth in market value over the past half century; fuelled by a combination of a
shortage in supply at the high end of the market and a continued increase in global demand. Using
data collected from auction houses and private dealers, we analyse the risk-return characteristics of
the violin sector, compare it to other financial assets and assess the implications for portfolio
diversification and the ability of pension houses to benefit from this sector.
Pensions (2008) 13, 89–96. doi:10.1057/palgrave.pm.5950065

Keywords: art markets, risk and return, portfolio optimisation

Introduction In this paper, we analyse the violin sector as

The violin sector may at first sight appear an a potential avenue for alternative investments.
obscure sector of financial investment. However, In the next section we look at the data and
with prices at the high-end instrument market methodology of the price series available. In the
reaching over $3m1 and a recent hedge fund — subsequent section we focus on the violin sector
The Fine Violins Fund — pledging at least $26m as a means of portfolio diversification against a
into old violins there is a growing interest in the number of alternative financial asset classes. In
market as a means to reaping high returns. the penultimate section we look at the
The market for high-end musical instruments is implications for the pension sector for an
similar to investments in fine art and wine, with investment into the fine violin sector. The final
return series showing little correlation with other section IV concludes.
financial asset classes. Although returns are moderate,
the low correlation results in an appealing means of
diversifying an investment portfolio to achieve the Data and methodology
highest risk-adjusted returns. To estimate the average return for musical
instruments, we look at repeat sales data, and estimate
Correspondence: R.A.J. Campbell, Finance Department, LIFE/ an average annual rate of return for violins specifically.
Maastricht University, PO Box 616, 6200MD Maastricht, The Netherlands. A leading violin dealer, Florian Leonhard, has
Tel: + 31 43388 4827;
Fax: + 31 43388 4875;
compiled a sector price index, which includes
E-mail: [email protected] around 100 constituent instruments. The data

© 2008 Palgrave Macmillan Ltd 1478-5315 $30.00 Vol. 13, 1–2, 89–96 Pensions 89
www.palgrave-journals.com/pm
 Campbell

are based on both auction house sales and data There are however a number of issues
collected from private dealers. The index is concerning the data, which lead to difficulties in
comprised of violins at the high end of the market estimation of risk-adjusted returns which need to
that are sold at repeated intervals on the market. be taken into careful consideration.
The average period between transactions is seven
years. The market is therefore highly illiquid which Selection bias
leads to a smoothing in the subsequent annual First, there is a spurious bias in the data collected.
returns between sales. The index starts in 1945 Naturally only those violins reaching auction or
and data are available on an annual basis. sold privately via a dealer are included in the data
The second source of data is provided by Art series. This upward bias in the prices reached for
Market Research. The data unfortunately only famous musical instruments brought into the
starts in 1986 and stops in 2001. Average prices marketplace is offset, albeit to a small degree, by
are used, and are then smoothed by a three-month forced sales which bring many unpopular or
moving average. We include these indices as untimely items up for sale.2 This selection bias is
they give us an alternative indication of price common in many other areas of heterogeneous
developments over time. The series include Italian, goods markets, notably in the arts sector, however
English and French violins, with a total number is also common to real-estate and is noted by
of 4,443 transactions for violins. The index is Stein3 and Goetzman4 as a concern in estimating
comprised of the central 80 per cent of transaction the price return over time. Obviously, this is a
data from sales collected from auction houses only. cause for concern in both indices looked at as
In Figure 1, we compare the data for the it occurs in both types of indices compiled here.
various indices over the period 1986 until 2001 for
the AMR data, and until December 2006 for Market illiquidity
Florian Leonhard. For comparison we have rebased A second concern is the significant smoothing of
the series to 1000 in 1986. We see a general prices that are derived in the index methodology.
upward movement in the price indices over time. Observation of the volatility of the index for

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Florian Leonhard Fine Violins Index English Violins

Florian Leonhard Smoothed Italian Violins
Violins [General] French Violins

Figure 1: Fine violin indices

Data is provided by Florian Leonhard Fine Violins Index, from January 1986 to December 2006 and Art Market Research
(Central 80 per cent) from January 1986 to December 2001.

90 Pensions Vol. 13, 1–2, 89–96 © 2008 Palgrave Macmillan Ltd 1478-5315 $30.00
 Fine violins as an alternative investment

prices over time would lead an investor to the In Table 1, we provide summary statistics on
belief that violin price returns contain only a low the Violin sector using the Florian Leonhard Fine
element of risk, as the variation in price is small. Violins Index and average price data from Art
This however, is unwarranted, as the smoothed Market Research.
series occurs because of transactions occurring at The slightly higher average returns obtained by
longer intervals than the frequency of the index. the Florian Leonhard Fine Violins Index is likely
This means that when taking annual averages the to be due to the focus on the high end of the
data appear to have less volatility than would be market for fine violins. It would appear that the
the case if items were sold at auction more average returns made in the top end of the
frequently. The actual risk is therefore much market are slightly greater than taking the overall
higher to the investor than at first glance and market as a whole.
needs to be accounted for. In fact, the very nature Taking into account the upward bias in the
of an illiquid market increases the risk, as there is size of the returns, we could expect a lower
only likely to be a small number of buyers when average return than generated here. The exact
items appear on the market for sale. Furthermore, reduction is hard to estimate, and depends highly
illiquidity risk can be great and should also be on the prognoses for the continued fashion for a
accounted for. This issue is common to other class of a particular violin. The same occurs in the
types of appraisal-based financial assets. Therefore, estimation for expected returns for fine wine,
the data series need to be desmoothed. We follow artworks, and of course in equity markets, as well.
the methodology of Okunev and White5 also Secondly, the risks are greater than captured in
used by Campbell6 for fine art, and commonly the original index, due to the illiquid nature of
used in the real-estate finance literature and for the market, results in a worsening of the risk-
hedge fund returns. To desmooth the data, we adjusted returns in practice from a buy-and-hold
take into account the degree of autocorrelation strategy in the fine violin sector. The
that the return series exhibits. Significant positive desmoothing procedure increases the volatility by
autocorrelation means that the series suffers from a significant amount, and should capture the true
appearing less volatile than the true data underlying volatility in the market. A further
generating process underlying the return structure. reduction in the average returns occurs from the
We find that desmoothing the series using the significant transaction costs that are incurred
Okunev and White approach leads to a substantial when buying and selling at auction. However, in
increase in the price risk, with volatility increasing relative terms, the underlying volatility of the
from 2.7 per cent, which seems highly unrealistic ine violin sector is about half that of public
to 8.41 per cent, which is much more in line equities resulting at first glance in a superior
with the volatility of the AMR data.7 Sharpe ratio.

Table 1: Summary statistics

Florian Florian Violins English French Italian
Leonhard Leonhard general violins violins violins
smooth desmooth

Average annual return 11.1% 9.64% 8.34% 5.04% 4.91% 8.80%

Average annual 2.7% 8.41% 8.66% 7.48% 10.13% 15.18%
standard deviation
Average monthly return 0.009 — 0.007 0.004 0.004 0.007
Average monthly 0.002 — 0.025 0.022 0.029 0.044
standard deviation
Skewness − 1.154 − 0.871 0.215 0.018 0.417 0.977
Kurtosis 1.046 1.737 2.001 1.389 2.595 3.735

Florian Leonhard Fine Violins Index and Art Market Research Data on English, French and Italian violins using monthly data
from January 1986 until December 2006.

© 2008 Palgrave Macmillan Ltd 1478-5315 $30.00 Vol. 13, 1–2, 89–96 Pensions 91
 Campbell

Transaction costs are also able to negotiate lower fees when trading
Items sold at auction typically include a 20–25 fine violins means that the transaction costs
per cent transaction fee, whereas a private dealer’s incurred are less to a fine violin fund than to
fee is much lower at only 5–10 per cent. In the the direct investor in similar musical instruments.
analysis, we have not accounted for these high
fees. It would be appropriate to reduce the Portfolio diversification
expected return on violins in a portfolio Having looked at the average annual price series
optimisation model according to the size of the returns for violins in the previous section, we
transaction costs. Depending on whether a now turn to the possibility of an investor
dynamic strategy is held or whether a buy-and- diversifying his portfolio into the fine violin
hold strategy is undertaken will make a difference sector. The analysis depends crucially on the
in the resounding assumption as to the size of the estimate for the correlation between fine violins
transaction costs. If a longer time interval is used prices and other asset class price returns. The
for the investment period, then the transaction lower the correlation coefficient, the greater the
costs are reduced substantially by the length of diversification benefits which can be attained
the holding period. to the investor. Assets therefore with fairly
moderate average returns can therefore have an
Market inefficiencies appeal, and held in an optimal portfolio of
The presence of many market inefficiencies in the financial assets, due to their ability to offset
arts markets, and also in particular the musical variability in the overall portfolio and hence a
instrument market leaves room for much higher reduction in risk, and thus the overall expected
returns to be made than estimated from a sheer volatility of the overall portfolio. We focus on
buy-and-hold strategy which is captured in the the violin sector as a means of portfolio
indices above. A major source of market diversification against a number of alternative
inefficiency is the presence of asymmetric financial asset classes.
information in the market. In Table 2, we provide the summary statistics
for a variety of other financial asset classes over
Indirect investment — violin funds the period 1986–2006. In Table 3, the correlation
The ability of fund managers, who have an between all these asset classes in the previous 20
insight into the market inefficiencies, and who years is shown. The correlation between violins

Table 2: Summary statistics

Returns MSCI MSCI MSCI LEHMAN GSCI UK-DS UK 10 ART AMR
WORLD US UK Real YEAR Violins
Estate - GOVT

Av Annual 9.021% 11.217% 10.250% 9.286% 9.263% 12.305% 9.069% 6.581% 8.389%
Return
Annual 14.275% 15.159% 16.329% 5.475% 18.430% 19.830% 7.594% 8.512% 8.686%
Stdev
Skew − 1.234 − 1.074 − 1.414 0.063 − 0.061 − 1.071 − 0.024 − 0.716 0.211
Kurt 4.078 4.124 7.130 0.931 0.441 4.586 1.761 3.416 1.978
Max return 0.097 0.125 0.137 0.060 0.170 0.149 0.089 0.083 0.116
Min return − 0.218 − 0.239 − 0.300 − 0.041 − 0.150 − 0.331 − 0.078 − 0.103 − 0.074
AvRet 0.75% 0.93% 0.85% 0.77% 0.77% 1.03% 0.76% 0.55% 0.70%
(monthly)
Stdev 4.12% 4.38% 4.71% 1.58% 5.32% 5.72% 2.19% 2.46% 2.51%
(monthly)

Equity indices are from Morgan Stanley Capital Indices for US equity, (MSCI US), UK equity (MSCI UK) and world equity (MSCI
World), Lehman Brothers Aggregate Corporate Bond Index (available only for the US) and Datastream Real estate index. We
use the UK ten-year Government Bond Index, and UK Government Treasury Bills, which have only been available on a monthly
basis from 1980. S&P GSCI data commodity Future data are available from Goldman Sachs. Data are collected from Datast-
ream, Global Financial Data. All Art Index and General Violin Index is from Art Market Research.

92 Pensions Vol. 13, 1–2, 89–96 © 2008 Palgrave Macmillan Ltd 1478-5315 $30.00
 Fine violins as an alternative investment

Table 3: Correlation statistics for violins, fine art and financial markets 1986–2006
MSCI MSCI MSCI LEHMAN GSCI UK-DS UK 10 ART AMR
WORLD US UK Real YEAR violins
Estate - GOVT

MSCI 1.000
WORLD
MSCI US 0.885 1.000
MSCI UK 0.807 0.756 1.000
LEHMAN 0.061 0.173 0.059 1.000
GSCI 0.004 − 0.042 0.006 − 0.059 1.000
Commodity
UK-DS Real 0.490 0.451 0.690 0.015 0.092 1.000
Estate
UK 10 YEAR 0.133 0.146 0.270 0.507 − 0.056 0.289 1.000
GOVT
ART − 0.021 − 0.038 − 0.051 − 0.065 0.083 0.045 − 0.016 1.000
AMR Violins − 0.029 − 0.002 − 0.074 0.077 0.094 − 0.115 0.077 0.002 1.000

Equity indices are from Morgan Stanley Capital Indices for US equity, (MSCI US), UK equity (MSCI UK) and world equity (MSCI
World), Lehman Brothers Aggregate Corporate Bond Index (available only for the US) and Datastream Real estate index. We
use the UK ten-year Government Bond Index, and UK Government Treasury Bills, which have only been available on a monthly
basis from 1980. S&P GSCI data commodity Future data are available from Goldman Sachs. Data are collected from Datast-
ream, Global Financial Data. All Art Index and General Violin Index is from Art Market Research (Central 80 per cent)

Optimal Portfolio Allocations

Desmoothed Art & Violin Returns
Based on Monthly Data: Jan 1986 - Dec 2006
100%
90%
80%
70% 62.90%
60%
50%
40%
30%
20%
Percentage

5.68% 6.20% 5.41% 6.82% 5.94% 7.05%

10% 0.00% 0.00%
0%
-10%
LEHMAN

SCI Commodity Total Return -

MSCI WORLD

MSCI US

MSCI UK

UK-DS Real Estate - TOT

UK 10 YEAR GOVT

ART

Violins
-20%
RETURN IND. (OFCL)

-30%
-40%
RETURN IND

-50%
-60%
-70%
-80%
-90%
-100%

Figure 2: Optimal portfolio allocation including violins: 1986–2006

Equity indices are from Morgan Stanley Capital Indices for US equity, (MSCI US), UK equity (MSCI UK) and world equity (MSCI
World), Lehman Brothers Aggregate Corporate Bond Index (available only for the US) and Datastream real estate index for the
UK. We use the UK ten-year Government Bond Indices, and UK Government Treasury Bills, which have only been available on
a monthly basis from 1980. S&P GSCI data commodity Future data are available from Goldman Sachs. Data are collected from
Datastream, Global Financial Data. All Art Index and the General Violin indices are from Art Market Research.

and other financial asset classes is extremely low. Using a standard mean–variance optimal
Also with the art market the correlation is very low. portfolio model, we estimate the optimal portfolio
It appears that these markets are highly independent that would have led to the highest risk-adjusted
from each other, with different factors driving returns over the period 1986–2006. The outcome
demand and hence prices in these markets. At first of the optimal portfolio model is of course
glance it would appear that there is some potential specific to the input and thus to the historical
diversification benefit available from investing into returns made for the chosen asset classes over this
musical instruments as well as into art. period. If financial returns are used to estimate

© 2008 Palgrave Macmillan Ltd 1478-5315 $30.00 Vol. 13, 1–2, 89–96 Pensions 93
 Campbell

future returns, then we could use the model for of a shortage in supply at the high end of the
an optimal portfolio strategy; however, future market and a continued increase in global
returns are by definition unknown, and thus the demand. Using data collected from auction houses
model only provides the investor of an idea of a and private dealers, we analyse the risk-return
diversified portfolio strategy and no guarantee of characteristics of the violin sector, and find that
any future performance. the high-end violin sector offers the investor an
The outcome of the optimal portfolio strategy attractive investment on purely financial terms.
is given in Figure 2. We find a low allocation into The low correlation between violins and other
equities, which given the recent poor financial asset classes, including art, renders an
performance and the relatively high volatility is investment into violins high attractive as part of a
not surprising. Corporate bonds have done diversified portfolio strategy. This is also the case
extremely well in the past 20 years, and hence when accounting for the smooth nature of the
the model results in a large allocation into this series, and by desmoothing the data to adjust the
asset which has achieved high annual returns. volatility to something more in line with the true
Interestingly, the model allocates a 6 and a 7 underlying series. Owing to the smaller scale of
per cent allocation into both art and violins, the market we would not like to advise
respectively. Here we have assumed a flat rate 5 institutional investors to participate in such a
per cent point increase in the standard deviation strategy; however, for the private client, an
of the series to account for the smoothed data. investment into violins could be an interesting
alternative asset to include in the portfolio.
Practical implications Optimal portfolio allocations using empirical
In this section we look at the implications for returns over the past 20 years provide support for
the pension sector for an investment into the investors to consider an investment into violins as
fine violin sector. The pension fund industry is an attractive, albeit small addition to their
extremely large and the size of the violin sector investment strategy. The results depend crucially
of the musical instrument market, although on the assumption about the risk involved in
growing, is relatively small in comparison. It such a strategy. The highly illiquid market is a
is therefore implausible for extremely large factor that should increase the riskiness to the
institutional investors to adapt a strategy of a large private investor from such a strategy. Also the
investment into fine violins into their investment presence of only a small number of funds which
strategies. More interesting however, is the choice offer an indirect investment into violins means
for more tailormade pension solutions to be that there are still a few strings attached when
offered to high net worth clients, who are aiming investing into musical instruments.
for a high-risk investment in an alternative asset.
Acknowledgments
Conclusions The author is grateful to Dr Aymeric Kalife of Dauphine University
The continual search to reap higher risk-adjusted for comments on an earlier draft.
returns has led to a number of highly alternative
assets to be considered for financial investment Disclaimer: The views expressed in this paper are
purposes. Recently, a number of funds have the views of the authors only. All errors pertain
emerged to indirectly invest into the arts sector. to the authors. Please ask for the author’s
The focus has been on fine art, wine and more permission before reproduction of this paper, in
recently into the possibility of investing into other whole or in part.
collectible items and memorabilia. One such area
is musical instruments. In this paper, we take a
References and Notes
look at the violin sector in particular, which has 1 Ruggiero Ricci, a master violinist was reported to have sold his
shown steady annual growth in market value over famed violin for $3m in 1999, and more recently in 2006 a
the past half century, fuelled by a combination Stradivarius violin at auction reaching $3.5m.

94 Pensions Vol. 13, 1–2, 89–96 © 2008 Palgrave Macmillan Ltd 1478-5315 $30.00
 Fine violins as an alternative investment

2 Common reasons for forced sales, such as from debt, death and F Gagliano 1785
divorce result in a more representative data sample.
3 Stein, J. P. (1977) ‘The monetary appreciation of paintings’,
A&H Amati 1635
Journal of Political Economy, Vol. 85, No. 5, pp. 1021–1035. N Gagliano 1770
4 Goetzman, W. (1992) ‘Accounting for taste, art and the financial G B Guadagnini 1769
markets over 3 centuries’, AER, Vol. 83, No. 5, pp. 1370–1376.
5 Okunev, J. and White, D. (2003) ‘Hedge fund risk factors and
E Degani 1899
value at risk of credit trading strategies’, Working Paper, F Gagliano 1772
University of New South Wales. G Degani 1898
6 Campbell, R. (2008) ‘Art as an alternative asset class’, Journal of G Rocca 1852
Alternative Investments (forthcoming).
7 See Campbell (2005) for a detailed analysis on desmoothing art G F Pressenda 1854
series data. G Gagliano 1800
G Pedrazzini 1928
N Gagliano 1750
Appendix A G Guarneri 1703
L Storioni 1780
Constituents in the Florian Leonhard Fine Strad 1696
Violins Index N Gagliano 1750
del Gesu 1743 G B Rogeri 1670
del Gesu 1738 T Eberle 1786
Strad 1685 G Rocca 1854
Rogeri 1772 G Rocca 1861
Fagnola 1923 N Gagliano 1770
Bergonzi 1739 A Amati
del Gesu 1732 N Amati (small pattern)
Guadagnini 1765 N Amati (grand pattern)
Strad 1714 Ga Antoniazzi
del Gesu 1735 Gr Antoniazzi
F Ruggeri 1885 L Arcangioli
Strad 1713 T Balestrieri
Fagnola 1924 C Bergonzi
Pedrazzini 1928 L Bisiach
G Degani 1900 L&T Carcassi
Pedrazzini 1929 G Ceruti
E Degani 1896 E Degani
C F Landolfi 1758 G B Gabrielli
J F Giudantus 1700 A Gagliano
N Gagliano 1735 N I Gagliano
A&H Amati 1625 G Gagliano
Strad 1729 F Gobetti
G Cappa 1690 M Goffriler
F Gagliano 1780 G Grancino
G F Celoniatus 1730 G B Guadagnini
F Gagliano 1784 A Guarneri (grand)
Strad1711 sp crack P Guarneri (Mantua)
T Balestrieri 1750 P Guarneri (Venice)
A Gragnani 1770 G f. A Guarneri
G F Pressenda 1846 C Landolfi
N Gagliano 1750 G P Maggini
C A Testore 1760 D Montagnana

© 2008 Palgrave Macmillan Ltd 1478-5315 $30.00 Vol. 13, 1–2, 89–96 Pensions 95
 Campbell

V Panorma Léon Bernardel, John Betts, Leandro Bisiach, H.

G F Pressenda Emile Blondelet, Charles Boullangier, James
G Rivolta William Briggs, Antonio Capela, Lorenzo &
G A Rocca Tommaso Carcassi, Aristide Cavalli, Georges
E Rocca Adolphe Chanot, Nicolas Augustin Chappuy,
G B Rogeri Chipot-Vuillaume, Jean Baptiste Colin, Ch.J.-B.
F Ruggieri (grand pattern) Collin-Mézin, Stefano Conia, George Craske,
G Scarampella Eugenio Degani, Giulio Degani, Honoré Derazey,
S Serafin Amèdée Dieudonné, Thomas Dodd, Richard
L Storioni Duke, Hannibal Fagnola, Giuseppe Fiorini, William
D Tecchler (violin) Forster, Ferdinando Gagliano, Joseph Gagliano,
D Tecchler (cello) Gand & Bernardel, Jeffery James Gilbert, William
C G Testore Glenister, Goulding & Co., Antonio Gragnani,
C Tononi Giovanni Grancino, Giovanni Battista Guadagnini,
L Ventapane Andrea Guarneri, Matthew Hardie, Hart & Son,
G Degani 1897 Hawkes & Son, Thomas Earle Hesketh, Joseph
G B Guadagnini 1744 Hill, Lockey Hill, W.E. & Sons Hill, George
Strad 1710 (sp crack) Wulme Hudson, John Johnson, Thomas Kennedy,
Strad 1697 Laberte-Humbert, Antonio Lechi, John Lott, Louis
Montagnana 1727 Lowendall, Giuseppe Lucci, Nicolas Lupot,
Balestrieri Giovanni Paolo Maggini, Gabriel Magnière, Walter
Guadagnini 1750 H. Mayson, Emile Mennesson, Domenico
P Guarneri (Mantua) 1703 Montagnana, Giovanni Battista Morassi, Alfred
N Amati (grand) 1664 Moritz, Léon Mougenot, Nicolas Didier Ainé,
G B Gabrielli John William Owen, Vincenzo Panormo, Giuseppe
G B Guaduagnini 1740 Pedrazzini, Thomas Perry, Perry & Wilkinson,
J B Vuillaume Claude Pierray, Gaetano Pollastri, Gian Francesco
P Guarneri (Mantua) Pressenda, George Pyne, Arthur Richardson,
C F Landolfi (1750) William Robinson, Joseph Rocca, Ernst Heinrich
Roth, Francesco Ruggieri, Rushworth & Dreaper,
Vincenzo Sannino, Giovanni Schwarz, Iginio
Appendix B Sderci, Santo Seraphin, Hippolythe Chretien
Silvestre, Pierre Silvestre, Pierre & Hippolyte
Constituents in the AMR violin indices Silvestre, Alexander Smillie, Thomas Smith, Carlo
Antonio and Hieronymus Amati, Romeo Storioni, Antonio Stradivari, Carlo Antonio Testore,
Antoniazzi, Georges Apparut, Job Ardern, William Charles & Samuel Thompson, Lorenzo Ventapane,
Atkinson, Paul Bailly, Tommaso Balestrieri, Alfred Vincent, Jean-Baptiste Vuillaume, Peter
Benjamin Banks, Bruno Barbieri, Francois Barzoni, Walmsley and Emanuel Whitmarsh.

96 Pensions Vol. 13, 1–2, 89–96 © 2008 Palgrave Macmillan Ltd 1478-5315 $30.00
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.