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both efficiency and equity criteria matter. Border tax adjustments reduce leakage and provide global cost savings but … exacerbate regional inequality. Exemptions produce very little leakage reduction and run the risk of increasing efficiency cost …
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This work investigates the intertemporal portfolio optimization of professional portfolio managers. It analyzes whether the special conditions of delegation in which portfolio managers make investment decisions - compensation depending on assets under management, capital flow depending on past...
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