Residual profit allocation (RPA) schemes have come to prominence in discussions of international tax reform but with almost nothing known about their economic impact. These multinationals by allocating “routine” profits source countries and sharing remaining “residual” across on some formulaic basis. This paper explores the implications, conceptual empirical, moving form RPA. are estimated be s...

Consider a setting in which policy maker assigns subjects to treatments, observing each outcome before the next subject arrives. Initially, it is unknown treatment best, but sequential nature of problem permits learning about effectiveness treatments. While multi-armed-bandit literature has shed much light on situation when compares treatments through their mean, less known other targets. This ...

using the treynor and mazoy model (expanded by fama to evaluate management performance for asset allocation among investment units), this paper examines the management’s performance in funds and investment companies in tehran stock exchange during 2004-2010. the results do not support the application of management market timing during the study period and managers were only able to create addit...

The asset allocation is a crucial decision for pension funds, and this paper analyses the economic factors which determine this choice. The analysis proceeds on the basis that, in the absence of taxation, risk sharing and default insurance, the asset allocation between equities and bonds is indeterminate and governed by the risk-return preferences of the trustees and the employer. If the employ...