Cites survey evidence that many firms undertaking e‐commerce projects do not appraise or evaluate them in traditional ways and discusses how businesses can deal with the many perspectives involved. Illustrates the “four faces of e‐business”, lists its benefits and considers seven legal/regulatory issues which require review in this context. Identifies three critical success factors for e‐business, shows some international growth forecasts and compares three financing models for e‐services. Briefly describes how some companies deal with security on the internet, sees e‐business as “imperative” for business success and warns that, although no single strategic model fits all companies, a strategy must be developed to avoid reducing returns on investment.

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In a company with defined benefit plans, pension assets often represent a sizable portfolio of financial assets. The intention is to examine whether pension tax arbitrage has the potential to add value to the sponsoring corporation with secondary benefits to plan participants, through a less volatile pension fund. To implement the arbitrage, it is recommended that the plans shift all assets to bonds. Replacing stocks with bonds reduces the risk of the firm, and the benefit stems from the creation of an additional tax deduction on the payment of interest with no increase in firm risk.

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