One of these incidents happened at Nikitsky Boulevard, the one that that overlooks Novy Arbat.

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Novy-Marx has been working this theme for a while, and not everybody agrees with him.

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That is why the government-bond yield is the appropriate measure for discounting public liabilities, as Messrs Rauh and Novy-Marx assert.

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In the U.S. there just isn't enough meunier to go around, says Adam Lee, owner and winemaker at Novy Family Winery in Santa Rosa, Calif.

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In the U.S. there just isn't enough meunier to go around, says Adam Lee, owner and winemaker at Novy Family Winery in Santa Rosa, California.

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But last year the city got not one, but two new spaces, the Erarta Museum and Galleries of Contemporary Art, and the Novy Muzei (New Museum).

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Novy Kapadia, one of India's leading sports commentators, told BBC World Service's Sports International programme that Mirza's "phenomenal achievement" had made her a role model in the country.

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Sources: the Bureau of Labor Statistics, the Kaiser Commission on Medicaid and a study of state worker pensions done in 2009 by two academics, Joshua Rauh and Rovert Novy-Marx.

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Novy-Marx concludes with a thought experiment where he substitutes GASB accounting with an identical system where future liabilities are discounted at the muni rate (after all, the risk of non-payment to pensioners is no different, or in most case lower, than the risk to bondholders).

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The writeup at the Economic Policy Institute noted above says Novy-Marx averages the returns of stocks and bonds when he should assume that higher-yielding stocks will become a larger proportion of the fund over time and increase the expected return, even if fund managers rebalance periodically.

FORBES: Want To Make That Public Pension Look Healthier? Burn The Cash