A general discrete-time stochastic control model is developed which encompasses many wellknown economic models. In the context of the general model, sufficient conditions are derived for the equivalence and approximate equivalence of myopic (sequential single-period) and global (simultaneous multi-period) expected return maximization. A bound provided for the global return loss resulting from m...

Hedge funds are in a better position than mutual funds in timing systematic risk factors because they are less regulated and thus have more freedom to use leverage and short sales. To examine whether factor timing is a source of hedge fund alpha, this paper decomposes excess return generated by hedge funds during 1994 – 2008 into security selection, factor timing, and risk premium using the new...

climate change has various effects on the quantity of rainfall and warming also is lead to increases in frequency and intensity of droughts by accelerating earth drying up and consequently. it is effective on the curves of severity- duration- frequency of drought (sdf). the purpose of this study is to evaluate the effects of climate change on sdf curves in the future in qareh su basin located i...