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Reviews some recent neoclassical‐economic writing on equitable allocation of resources and inquires whether this approach to equity might lead to a case for a right to access, particularly with respect to medical care. The common logic of this literature is that equal access to all goods and services is fair, but inefficient, so that a fairness‐preserving shift to an efficient allocation could produce an allocation that is both efficient and fair. It seems, however, that this supports “rights to access” only where the person deprived of access would lack information necessary to determine whether compensation for the deprivation might be due. Medical care does seem to be a case in point.

Bond investing requires decision-making on multiple levels. Some criteria are qualitative, some are quantitative, and there may be conflicting objectives such as avoidance of credit risk versus need for income. Since managers of endowment funds must allocate their assets based on numerous dimensions, a multi-criteria decision model can help to evaluate competing criteria. We describe the Analytical Hierarchy Process (AHP), which allows investors to integrate multiple decision criteria, and apply the model to the sector allocation problem faced by managers of endowment portfolios. The AHP gives rise to a flexible model for bond investors for a range of economic scenarios, risk profiles, and time horizons.

The purpose of this work is to analyse both from a theoretical and an empirical point of view the reversal of positive and negative temporary differences in Spanish firms and, derived from the reversal, to question whether the comprehensive allocation or the partial allocation of temporary differences is more or less profitable for firms.

The audited annual accounts of the firms registered in the Comisión Nacional del Mercado de Valores – the Spanish version of the SEC – during the periods 1996, 1997 and 1998 were analysed. To analyse the differences obtained, the sample was first disaggregated into different groups, according to whether the differences were positive or negative temporary reversed. A calculation was made of some descriptive statistics together with an analysis of both the mean and the variance, which made it possible to draw robust conclusions on the way Spanish firms report their positive and negative temporary differences reversed.

The paper provides information about the positive and negative temporary differences reversals by year (1996, 1997 and 1998) and by sector of activities (energy and water, construction, transport and communications, real estate and others) in the sample period and compares them over time.

The highest percentage corresponds to “other negative and positive temporary differences reversals” including those cases where firms do not specify which type of operation has motivated the difference and use the comprehensive allocation of temporary differences; it is very difficult to follow up all the future reversals.

A very useful source of information for Spanish firms and for investigators in this subject.

This paper is pioneering in the analysis of the reversal of temporary differences in Spanish firms, as well as in determining whether the use of the comprehensive or partial tax allocation of temporary differences is more or less appropriate.

The relationship between accounting and fiscal rules has long been controversial. Financial statements conform to accounting principles and methods regardless of tax rules. This independence generates important permanent and temporary differences between accounting and taxable income. The paper analyses the behaviour of listed Spanish firms in this accounting‐taxation relationship 1996‐1998, the extent of introduction of the inter‐period income tax allocation method, and the number and types of permanent and temporary differences reported. Most firms adopt the income tax allocation method, and report the differences, although they do not always specify which transactions provoked them. Among the long list of operations that generate differences, the most frequent are income tax expense, welfare schemes, provision for pensions, monetary correction, accelerated depreciation, or exemption for reinvestment. Although the number and kind of differences vary through time, the variation is not statistically significant. This is the first study analysing such differences for a European Union state.

The student-managed investment fund (SMIF) program at California State University, Long Beach (CSULB), was launched in 1995 with one portfolio worth $50,000. In the two decades since then, the program has grown to include three portfolios with a combined value of more than $700,000, managed on behalf of three different clients. The purpose of this paper is to describe the creation, evolution and growth of the program including the development of the new quantitative approach and its subsequent implementation. The paper also discusses the ongoing organizational, educational and investment-management challenges associated with the program.

The paper includes a description of the development and evolution of the program along with a discussion of the investment results for one of its three portfolios.

The paper finds: the new quantitative approach implemented in the program is effective as insurance against “black swan” events; and SMIF-type programs can provide learning experiences both for students and faculty members.

The paper explains the practical application of the new quantitative approach as well as the educational benefits of a SMIF-type program.

The paper provides insight into the structure of CSULB’s SMIF program and discusses a unique quantitative approach to asset allocation and security selection.

This paper aims to investigate the roles of corruption and tax allocation inefficiency in moderating the effect of tax aggressiveness on sustainable welfare.

This research uses a fixed-effect multiple regression analysis for 55,438 firm-year observations covering 22 countries from 2007 to 2017.

For less (more) tax-aggressive observations, corruption and tax allocation inefficiency strengthen the negative (positive) effect of tax aggressiveness on sustainable welfare. The results are in line with public choice and functionalism theories that suggest that private investments can increase welfare when governments are dysfunctional.

This paper shows that the effect of tax aggressiveness on sustainable welfare depends on tax aggressiveness, corruption and tax allocation inefficiency.

This paper implies that governments should reduce their corruption levels and increase tax allocation efficiency because private investments are ineffective in the long run.

Because of increasing awareness of sustainability issue, sustainable welfare is considered more relevant than traditional welfare. Hence, empirical studies on the effect of tax aggressiveness on sustainable welfare are crucial. This paper adds the literature by combining public choice and functionalism theories to investigate the moderating roles of corruption and tax allocation inefficiency in this issue.

We show that a social planner who seeks to allocate a given sum in order to reduce efficiently the social stress of a population, as measured by the aggregate relative deprivation of the population, pursues a disbursement procedure that is identical to the procedure adhered to by a Rawlsian social planner who seeks to allocate the same sum in order to maximize the Rawlsian maximin-based social welfare function. Thus, the constrained minimization of aggregate relative deprivation constitutes an economics-based rationale for the philosophy-based constrained maximization of the Rawlsian social welfare function.

The problems involved in trying to measure the effect of the budget on the distribution of lifetime income are reviewed. A comparison is made of the likely differences between the stylised facts of annual incidence studies and the possible lifetime impact of the budget. Annual studies show that redistribution to the poor occurs, primarily as a result of pensions. It is likely that the lifetime incidence of the budget is broadly neutral since pensions will not accrue mainly to the lowest deciles when a lifetime income perspective is taken.