As a result, bond yields in these countries are artificially low now, says Shane Shepherd, head of fixed-income research at Research Affiliates, an investment firm in Newport Beach, Calif.

WSJ: Upside: Finding Better Bond Yields Overseas

Still, Jason Hsu, chief investment officer of Research Affiliates, a financial-research firm in Newport Beach, Calif.

WSJ: Upside: The Small-Cap Stock Trap

Likewise, companies do not have to value at market prices shares in affiliates and subsidiaries that are held for long-term investment purposes.

ECONOMIST: Japanese corporate profits

There the consultant, investment manager and mutual fund provider were all affiliates of the employer and there was a vast amount of company stock in the plan.

FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )