The selectope of a cooperative transferable utility game is the convex hull of the payo ̈ vectors obtained by assigning the Harsanyi dividends of the coalitions to members determined by so-called selectors. The selectope is studied from a set-theoretic point of view, as superset of the core and of the Weber set; and from a value-theoretic point of view, as containing weighted Shapley values, ran...

since 2001 the adoption of iran accounting standards has become obligatory. this study by using a sample of companies listed in tehran stock exchange (tse) compares the value relevance of ten selected accounting variables in two periods, before mandatory adaption of accounting standards (1996-1998) and after that (2005-2007). in this study the researchers have tried to control the effect of eco...

“maqamat” ,written by badi al-zaman hamadani, known as “maqamqt al-kodyah”, is a book written in 4th century (hijra) and the scholars have paid attention to it from that age till now. also the structure trait of maqamat has absorbed effort of researchers to itself and lead them to have less consider to the meaning aspect of this book. therefore some scholars believe that the badi al- zaman’s ef...

We examine the relation between institutional holdings and payout policy in U.S. public firms between 1980 and 1996. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay any dividends. But among dividend paying firms, they prefer firms that pay fewer dividends. Our evidence indicates that institutions prefer firms that repurchase shares, and regula...

The relative predictability of returns and dividends is a central issue because it forms the paradigm to interpret asset price variation. A little studied question is how dividend smoothing, as a choice of corporate policy, affects predictability. We show that even if dividends are supposed to be predictable without smoothing, dividend smoothing can bury this predictability. Because aggregate d...

Abstract The main objective of this study was to examine the relationship between Value at Risk (VaR) and expected returns from 2002 to 2013 in Tehran’s Stock Exchange. In this study parametric value at risk, which considers the distribution of returns as normal and the historical value at risk as abnormal, was used to test the presence of the volatility anomaly in the companies listed i...

The policyholder dividend of participating insurance is essentially different from the usual equity and bond profit. There are disputes on taxing methods in theory and practice, and different countries adopt different taxing methods. This paper designs a basic framework of the personal income tax system on participating insurance policy. This policy is based on the reality that the participatin...

This paper analyzes Harsanyi power solutions for cooperative games in which partial cooperation is based on union stable systems. These structures contain as particular cases the widely studied communication graph games and permission structures, among others. In this context, we provide axiomatic characterizations of the Harsanyi power solutions which distribute the Harsanyi dividends proporti...