The traditional rationale of the arm’s length approach to transfer pricing : should the separate accounting model be maintained for modern multinational entities?

This article examines the current transfer pricing regime to consider whether it is a sound model to be applied to modern multinational entities. The arm's length price methodology is examined to enable a discussion of the arguments in favour of such a regime. The article then refutes these arguments concluding that, contrary to the very reason multinational entities exist, applying arm's length rules involves a legal fiction of imagining transactions between unrelated parties. Multinational entities exist to operate in a way that independent entities would not, which the arm's length rules fail to take into account. As such, there is clearly an air of artificiality in applying the arm's length standard. To demonstrate this artificiality with respect to modern multinational entities, multinational banks are used as an example. The article concluded that the separate entity paradigm adopted by the traditional transfer pricing regime is incongruous with the economic theory of modern multinational enterprises.

An interview with Jacques Rancière : on medium-specificity and discipline crossovers in modern art

Jacques Rancière's work on aesthetics has received a great deal of attention in recent years. Given his work has enormous range – covering art and literature, political theory, historiography, pedagogy and worker's history – Andrew McNamara and Toni Ross (UNSW) explore his wider critical ambitions in this interview, while showing how it leads to alternative insights into aesthetics. Rancière sets aside the core suppositions linking the medium to aesthetic judgment, which has informed many definitions of modernism. Rancière is emphatic in freeing aesthetic judgment from issues of medium-specificity. He argues that the idea of autonomy associated with medium-specificity – or 'truth to the medium' – was 'a very late one' in modernism, and that post-medium trends were already evident in early modernism. While not stressing a simple continuity between early modernism and contemporary art, Ranciere nonetheless emphasizes the on-going ethical and political ramifications of maintaining an a-disciplinary stance.

Toward a theory of the architectural subject

The extraordinary event, for Deleuze, is the object becoming subject – not in the manner of an abstract formulation, such as the substitution of one ideational representation for another but, rather, in the introduction of a vast, new, impersonal plane of subjectivity, populated by object processes and physical phenomena that in Deleuze’s discovery will be shown to constitute their own subjectivities. Deleuze’s polemic of subjectivity (the refusal of the Cartesian subject and the transcendental ego of Husserl) – long attempted by other thinkers – is unique precisely because it heralds the dawning of a new species of objecthood that will qualify as its own peculiar subjectivity. A survey of Deleuze’s early work on subjectivity, Empirisme et subjectivité (Deleuze 1953), Le Bergsonisme (Deleuze 1968), and Logique du sens (Deleuze 1969), brings the architectural reader into a peculiar confrontation with what Deleuze calls the ‘new transcendental field’, the field of subjectproducing effects, which for the philosopher takes the place of both the classical and modern subject. Deleuze’s theory of consciousness and perception is premised on the critique of Husserlian phenomenology; and ipso facto his question is an architectural problematic, even if the name ‘architecture’ is not invoked...

Thinking about Australia and its location in the modern world in the Australian Curriculum : history

The first national history curriculum is being implemented in Australia from 2013. As with the curriculums of other nations, this curriculum has evolved in response to a range of factors and its merits continue to be debated. In critiquing the sort of history education approach encapsulated in the new curriculum, I discuss some of the contextual factors and debates that have shaped the Australian Curriculum: History v0.3 (ACARA, 2012). In doing so, I also explore some of the recent international literature on how students think and learn about history in the classroom. In the third and final part of the paper, I raise some logistical issues and also question how students might engage with the notion of Australia as a nation in the modern world rapidly reshaped by the transformations occurring in Asia and share some concerns about the curriculum’s ‘world history approach’ for Year 10.

Reconnecting theory and practice in a pluralistic organizing context : issues and Aristotelian considerations

The overall purpose of this paper is to contribute to the theory - practice gap debate in organization studies, especially in pluralistic contexts such as project organizing. We briefly outline some of the current debates, i.e. modernist and postmodernist proposals, and the prevalent dichotomous thinking stance assumptions to better move beyond it, anchoring our contribution in the Aristotelian ethical and practical philosophy. We introduce the current state of the debate, part of the broad question of “science that matters”, and the various discourses between practice and academia within social sciences and more specifically organizational studies. We briefly critically summarize some main features of the two main philosophical stances (modernism, postmodernism), before presenting some key aspects, for the purpose of this paper, of the Aristotelian pre-modern practical and ethical philosophy. Then, we build on the foundations above established, discussing propositions to reconnect theory and practice according the Aristotelian ethical and practical philosophy, and some key implications for research notably in the following areas: roles played by practitioners and scholars, emancipatory praxeological style of reasoning, for closing the “phronetic gap” and reconnecting means and ends, facts and values, relation between collective praxis, development of “good practice” (standards), ethics and politics. We conclude highlighting the role of the suggested shift to an Aristotelian emancipatory style of reasoning for reconciling theory and practice.

Electromechanical wave in power systems : theory and applications

The continuum model is a key paradigm describing the behavior of electromechanical transients in power systems. In the past two decades, much research work has been done on applying the continuum model to analyze the electromechanical wave in power systems. In this work, the uniform and non-uniform continuum models are first briefly described, and some explanations borrowing concepts and tools from other fields are given. Then, the existing approaches of investigating the resulting wave equations are summarized. An application named the zero reflection controller based on the idea of the wave equations is next presented.

A review of modern computational algorithms for Bayesian optimal design

Bayesian experimental design is a fast growing area of research with many real-world applications. As computational power has increased over the years, so has the development of simulation-based design methods, which involve a number of algorithms, such as Markov chain Monte Carlo, sequential Monte Carlo and approximate Bayes methods, facilitating more complex design problems to be solved. The Bayesian framework provides a unified approach for incorporating prior information and/or uncertainties regarding the statistical model with a utility function which describes the experimental aims. In this paper, we provide a general overview on the concepts involved in Bayesian experimental design, and focus on describing some of the more commonly used Bayesian utility functions and methods for their estimation, as well as a number of algorithms that are used to search over the design space to find the Bayesian optimal design. We also discuss other computational strategies for further research in Bayesian optimal design.

The modern primitive and the antipodes: The visual arts and Oceania

In a book seeking to redraw the boundaries between interdisciplinary and transnational modernisms, this chapter contributes to the reorientation in modernist studies by revisiting "primitivism." While no one freely identifies as “primitive,” the spectre of primitivism was a magnet of attraction as well as of critical refusal. It resided on the knife-edge of envy and denunciation, as well as for the projection of alternate imaginative utopias and the worst forms of racial chauvinism. This chapter asserts that primitivism endures as a provocation as much as a utopian aspiration, but it also provides a different understanding of cultures on the "periphery", which is how Antipodean art history has understood itself. The spectre of primitivism not only amplifies the quandaries of modernist cultures—both alerting one to the aesthetic alternatives to modernist cultures, yet also highlighting the fate of traditional culture pitted against modernist cultures, it also suggests the quandaries of a peripheral modernity.

Agile innovation: Innovating with enterprise systems

The contemporary organisations are presented with an eclectic collection of technologies that has dramatically shifted the process of innovation. This thesis investigates the nature and the process of attaining innovation through the modern IT portfolio. A qualitative study of nine organizations was conducted. The results identified that the modern IT portfolio innovates through a new innovation process called 'agile innovation,' which differs from the existing innovation types.

Modelling and Forecasting Property Rents and Returns (summary section only)

Recently, focus of real estate investment has expanded from the building-specific level to the aggregate portfolio level. The portfolio perspective requires investment analysis for real estate which is comparable with that of other asset classes, such as stocks and bonds. Thus, despite its distinctive features, such as heterogeneity, high unit value, illiquidity and the use of valuations to measure performance, real estate should not be considered in isolation. This means that techniques which are widely used for other assets classes can also be applied to real estate. An important part of investment strategies which support decisions on multi-asset portfolios is identifying the fundamentals of movements in property rents and returns, and predicting them on the basis of these fundamentals. The main objective of this thesis is to find the key drivers and the best methods for modelling and forecasting property rents and returns in markets which have experienced structural changes. The Finnish property market, which is a small European market with structural changes and limited property data, is used as a case study. The findings in the thesis show that is it possible to use modern econometric tools for modelling and forecasting property markets. The thesis consists of an introduction part and four essays. Essays 1 and 3 model Helsinki office rents and returns, and assess the suitability of alternative techniques for forecasting these series. Simple time series techniques are able to account for structural changes in the way markets operate, and thus provide the best forecasting tool. Theory-based econometric models, in particular error correction models, which are constrained by long-run information, are better for explaining past movements in rents and returns than for predicting their future movements. Essay 2 proceeds by examining the key drivers of rent movements for several property types in a number of Finnish property markets. The essay shows that commercial rents in local markets can be modelled using national macroeconomic variables and a panel approach. Finally, Essay 4 investigates whether forecasting models can be improved by accounting for asymmetric responses of office returns to the business cycle. The essay finds that the forecast performance of time series models can be improved by introducing asymmetries, and the improvement is sufficient to justify the extra computational time and effort associated with the application of these techniques.

Angel Investing in Finland: An Analysis Based on Agency Theory and the Incomplete Contracting Theory

Wealthy individuals - business angels who invest a share of their net worth in entrepreneurial ventures - form an essential part of an informal venture capital market that can secure funding for entrepreneurial ventures. In Finland, business angels represent an untapped pool of capital that can contribute to fostering entrepreneurial development. In addition, business angels can bridge knowledge gaps in new business ventures by means of making their human capital available. This study has two objectives. The first is to gain an understanding of the characteristics and investment behaviour of Finnish business angels. The strongest focus here is on the due diligence procedures and their involvement post investment. The second objective is to assess whether agency theory and the incomplete contacting theory are useful theoretical lenses in the arena of business angels. To achieve the second objective, this study investigates i) how risk is mitigated in the investment process, ii) how uncertainty influences the comprehensiveness of due diligence as well as iii) how control is allocated post investment. Research hypotheses are derived from assumptions underlying agency theory and the incomplete contacting theory. The data for this study comprise interviews with 53 business angels. In terms of sample size this is the largest on Finnish business angels. The research hypotheses in this study are tested using regression analysis. This study suggests that the Finnish informal venture capital market appears to be comprised of a limited number of business angels whose style of investing much resembles their formal counterparts’. Much focus is placed on managing risks prior to making the investment by strong selectiveness and by a relatively comprehensive due diligence. The involvement is rarely on a day-to-day basis and many business angels seem to see board membership as a more suitable alternative than involvement in the operations of an entrepreneurial venture. The uncertainty involved does not seem to drive an increase in due diligence. On the contrary, it would appear that due diligence is more rigorous in safer later stage investments and when the business angels have considerable previous experience as investors. Finnish business angels’ involvement post investment is best explained by their degree of ownership in the entrepreneurial venture. It seems that when investors feel they are sufficiently rewarded, in terms of an adequate equity stake, they are willing to involve themselves actively in their investments. The lack of support for a relationship between increased uncertainty and the comprehensiveness of due diligence may partly be explained by an increasing trend towards portfolio diversification. This is triggered by a taxation system that favours investments through investment companies rather than direct investments. Many business angels appear to have substituted a specialization strategy that builds on reducing uncertainty for a diversification strategy that builds on reducing firm specific (idiosyncratic) risk by holding shares in ventures whose returns are not expected to exhibit a strong positive correlation.

Birth of the European individual : Outline of a theory of legal practice

The modern subject is what we can call a self-subjecting individual. This is someone in whose inner reality has been implanted a more permanent governability, a governability that works inside the agent. Michel Foucault s genealogy of the modern subject is the history of its constitution by power practices. By a flight of imagination, suppose that this history is not an evolving social structure or cultural phenomenon, but one of those insects (moth) whose life cycle consists of three stages or moments: crawling larva, encapsulated pupa, and flying adult. Foucault s history of power-practices presents the same kind of miracle of total metamorphosis. The main forces in the general field of power can be apprehended through a generalisation of three rationalities functioning side-by-side in the plurality of different practices of power: domination, normalisation and the law. Domination is a force functioning by the rationality of reason of state: the state s essence is power, power is firm domination over people, and people are the state s resource by which the state s strength is measured. Normalisation is a force that takes hold on people from the inside of society: it imposes society s own reality its empirical verity as a norm on people through silently working jurisdictional operations that exclude pathological individuals too far from the average of the population as a whole. The law is a counterforce to both domination and normalisation. Accounting for elements of legal practice as omnihistorical is not possible without a view of the general field of power. Without this view, and only in terms of the operations and tactical manoeuvres of the practice of law, nothing of the kind can be seen: the only thing that practice manifests is constant change itself. However, the backdrop of law s tacit dimension that is, the power-relations between law, domination and normalisation allows one to see more. In the general field of power, the function of law is exactly to maintain the constant possibility of change. Whereas domination and normalisation would stabilise society, the law makes it move. The European individual has a reality as a problem. What is a problem? A problem is something that allows entry into the field of thought, said Foucault. To be a problem, it is necessary for certain number of factors to have made it uncertain, to have made it lose familiarity, or to have provoked a certain number of difficulties around it . Entering the field of thought through problematisations of the European individual human forms, power and knowledge one is able to glimpse the historical backgrounds of our present being. These were produced, and then again buried, in intersections between practices of power and games of truth. In the problem of the European individual one has suitable circumstances that bring to light forces that have passed through the individual through centuries.

A new theory of gravitation with parity-violating propagating torsion

A new theory of gravitation has been proposed in a more general space-time than Riemannian. It is a generalization of the ECSK and Brans-Dicke (BD) theory of gravitation. It is found that, in contrast to the standard the ECSK theory, a parity-violating propagating torsion is generated by the BD scalar field. The interesting consequence of the theory is that it can successfully predict solar system experimental results to desired accuracy.