Rhode Island Current Conditions Index -- September 2015,
2015
University of Rhode Island
Rhode Island Current Conditions Index -- September 2015, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Testing For Spatial Lag And Spatial Error Dependence In A Fixed Effects Panel Data Model Using Double Length Artificial Regressions,
2015
Syracuse University
Testing For Spatial Lag And Spatial Error Dependence In A Fixed Effects Panel Data Model Using Double Length Artificial Regressions, Badi H. Baltagi, Long Liu
Center for Policy Research
This paper revisits the joint and conditional Lagrange Multiplier tests derived by Debarsy and Ertur (2010) for a fixed effects spatial lag regression model with spatial auto-regressive error, and derives these tests using artificial Double Length Regressions (DLR). These DLR tests and their corresponding LM tests are compared using an empirical example and a Monte Carlo simulation.
Semiparametric Estimation Of Partially Linear Dynamic Panel Data Models With Fixed Effects,
2015
Singapore Management University
Semiparametric Estimation Of Partially Linear Dynamic Panel Data Models With Fixed Effects, Liangjun Su, Yonghui Zhang
Research Collection School Of Economics
In this paper, we study a partially linear dynamic panel data model with fixed effects, where either exogenous or endogenous variables or both enter the linear part, and the lagged dependent variable together with some other exogenous variables enter the nonparametric part. Two types of estimation methods are proposed for the first-differenced model. One is composed of a semiparametric GMM estimator for the finite dimensional parameter and a local polynomial estimator for the infinite dimensional parameter m based on the empirical solutions to Fredholm integral equations of the second kind, and the other is a sieve IV estimate of the …
Jackknife Model Averaging For Quantile Regressions,
2015
Hong Kong University of Science and Technology
Jackknife Model Averaging For Quantile Regressions, Xun Lu, Liangjun Su
Research Collection School Of Economics
In this paper we consider model averaging for quantile regressions (QR) when all models under investigation are potentially misspecified and the number of parameters is diverging with the sample size. To allow for the dependence between the error terms and regressors in the QR models, we propose a jackknife model averaging (JMA) estimator which selects the weights by minimizing a leave-one-out cross-validation criterion function and demonstrate its asymptotic optimality in terms of minimizing the out-of-sample final prediction error. We conduct simulations to demonstrate the finite-sample performance of our estimator and compare it with other model selection and averaging methods. We …
Bias In The Estimation Of Mean Reversion In Continuous-Time Levy Processes,
2015
Purdue University
Bias In The Estimation Of Mean Reversion In Continuous-Time Levy Processes, Yong Bao, Aman Ullah, Yun Wang, Jun Yu
Research Collection School Of Economics
This paper develops the approximate bias of the ordinary least squares estimator of the mean reversion parameter in continuous-time Levy processes. Several cases are considered, depending on whether the long-run mean is known or unknown and whether the initial condition is fixed or random. The approximate bias is used to construct a bias corrected estimator. The performance of the approximate bias and the bias corrected estimator is examined using simulated data.
How Does The Stock Market Value The Renewable Energy Sector: A Public Announcement Analysis And Test Of The Efficient Market Hypothesis,
2015
Colby College
How Does The Stock Market Value The Renewable Energy Sector: A Public Announcement Analysis And Test Of The Efficient Market Hypothesis, Jack Crampton
Journal of Environmental and Resource Economics at Colby
This study analyzes the market reaction to public announcements in the stock market. The efficient market hypothesis is put to test and similar studies are reexamined in the context of the renewable energy sector. Through fixed effects models, we can assess the validity to the efficient market hypothesis and assess how the market values the clean energy sector.
The Zen Of Charity Giving In China: An Understanding Of The Chinese Philanthropic Sector And Recommendations On Moving Towards Sustainability,
2015
SIT Graduate Institute
The Zen Of Charity Giving In China: An Understanding Of The Chinese Philanthropic Sector And Recommendations On Moving Towards Sustainability, Li Zheng
Capstone Collection
China has shifted from a centrally planned to a market based economy in 1978. Since then, the country has experienced rapid economic growth and social development. With a more liberal economic environment, the voice of civil society becomes stronger, which incentives the emergence of philanthropy and charitable giving. As a result, the government has begun to encourage private donation and development of foundations, while watching carefully and constraining its activities. By analyzing both qualitative and quantitative data, this paper explores and evaluates the effectiveness of this emerging sector. The paper further advocates for improving current charity law and developing a …
Rhode Island Current Conditions Index -- August 2015,
2015
University of Rhode Island
Rhode Island Current Conditions Index -- August 2015, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
An Analysis Of Airline Quality Rating Components Using Bayesian Methods,
2015
Purdue University - Main Campus
An Analysis Of Airline Quality Rating Components Using Bayesian Methods, John H. Mott, Branden K. Avery
International Journal of Aviation, Aeronautics, and Aerospace
The Airline Quality Rating, a unique metric that is of interval scale and is comparable across carriers and time periods, is a quantitative evaluation of the quality of U.S. domestic air carriers based on data that is collected and published by the U.S. Bureau of Transportation Statistics. One may gain insight into the relationship of the AQR metric to the carriers to which it is applied by grouping those carriers and examining the effects of the resulting groupings on the four individual factors that comprise the AQR. This study used Bayesian hierarchical modeling techniques to examine the differences between three …
Rhode Island Current Conditions Index -- July 2015,
2015
University of Rhode Island
Rhode Island Current Conditions Index -- July 2015, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Art Arbitrage - Violations Of The Law Of One Price Created By Fine Art Auctions,
2015
Georgetown University
Art Arbitrage - Violations Of The Law Of One Price Created By Fine Art Auctions, Amy Liu
Undergraduate Economic Review
Although fine art is becoming increasingly popular as investment, its price determination is relatively opaque. This paper expands upon the work of Pesando (1993) and Pesando and Shum (2007) concerning the law of one price in the art auction industry. By examining the sale history of silkscreen prints from Andy Warhol’s 1970 series Flowers, this paper controls for the physical characteristics of particular artwork and seeks to determine the likelihood of sale and price differentials created by specific auction environments. This paper further examines the extent to which auction houses take into account these auction environments when setting presale …
A Royal Problem: Planning Induced Supply Constraints In London,
2015
Lawrence University
A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong
Lawrence University Honors Projects
We explore the impact of regulatory supply constraints on house price levels following boom and bust periods in London. We hypothesize that when regulatory restrictiveness increases during a boom period, house prices will be higher in the following year compared to house prices in less restricted areas. We also hypothesize that when regulatory restrictiveness increases during a bust period, house prices will be lower in the following year compared to house prices in less restricted areas. We empirically test our hypothesis using a multilevel mixed-effects model with a panel data set of 32 boroughs of London, ranging from 2001 to …
Rhode Island Current Conditions Index -- June 2015,
2015
University of Rhode Island
Rhode Island Current Conditions Index -- June 2015, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Memorial To Edmond Malinvaud,
2015
Singapore Management University
Memorial To Edmond Malinvaud, Peter C. B. Phillips
Research Collection School Of Economics
A great man, a wide-ranging thinker and writer, a pre-eminent researcher, andan inspiring educator passed away on 7 March 2015, leaving the world of economicsso much the poorer and narrower. Edmond Malinvaud was a giant amongmany giants in the subject and one who strode uniquely and comfortably acrossthe entire discipline like an academic colossus
Halbert White Jr. Memorial Jfec Lecture: Pitfalls And Possibilities In Predictive Regression,
2015
Singapore Management University
Halbert White Jr. Memorial Jfec Lecture: Pitfalls And Possibilities In Predictive Regression, Peter C. B. Phillips
Research Collection School Of Economics
Financial theory and econometric methodology both struggle in formulating models that are logically sound in reconciling short-run martingale behavior for financial assets with predictable long-run behavior, leaving much of the research to be empirically driven. The present article overviews recent contributions to this subject, focusing on the main pitfalls in conducting predictive regression and on some of the possibilities offered by modern econometric methods. The latter options include indirect inference and techniques of endogenous instrumentation that use convenient temporal transforms of persistent regressors. Some additional suggestions are made for bias elimination, quantile crossing amelioration, and control of predictive model misspecification.
Automated Estimation Of Vector Error Correction Models,
2015
University of California, Los Angeles
Automated Estimation Of Vector Error Correction Models, Zhipeng Liao, Peter C. B. Phillips
Research Collection School Of Economics
Model selection and associated issues of post-model selection inference present well known challenges in empirical econometric research. These modeling issues are manifest in all applied work but they are particularly acute in multivariate time series settings such as cointegrated systems where multiple interconnected decisions can materially affect the form of the model and its interpretation. In cointegrated system modeling, empirical estimation typically proceeds in a stepwise manner that involves the determination of cointegrating rank and autoregressive lag order in a reduced rank vector autoregression followed by estimation and inference. This paper proposes an automated approach to cointegrated system modeling that …
Public Goods With Punishment & Payment For Relative Rank,
2015
Chapman University
Public Goods With Punishment & Payment For Relative Rank, Terence C. Burnham
ESI Working Papers
A laboratory experiment designed to investigate the role of relative performance-based payoffs on cooperation in the context of punishment. Subjects play a repeated public goods game with high-powered punishment (50:1) and additional payoffs based on relative performance. Contributions to the public good are nearly maximal. Punishment levels are substantial, higher than the same game without relative rank payoffs, and sufficiently high that total payoffs are negative. The group would make much more money in the same setting without punishment. This study contributes to investigation of the role of altruism in human cooperation.
Is All Foreign Aid The Same? : An Empirical Comparison Of The Effect Of Multilateral And Bilateral Aid On Growth,
2015
Davidson College
Is All Foreign Aid The Same? : An Empirical Comparison Of The Effect Of Multilateral And Bilateral Aid On Growth, Scott B. Jeffrey
Undergraduate Economic Review
Despite decades of research on foreign aid, there is little to no consensus on foreign aid’s effect on growth. While most in the field study recipient country characteristics, such as institutional quality, this paper also breaks down foreign aid by donor characteristics, specifically by bilateral and multilateral donors. Since about 75% of foreign aid is bilateral, my bilateral findings are in line with previous literature that finds high institutional quality key (Burnside and Dollar 2000; 2004), but I find that multilateral aid works best in low-income countries with poor policy environments, due, perhaps, to lacking political goals of donor countries.
Shaky Foundations: The Tradeoff Between Structural Safety And Financial Security,
2015
University of San Diego
Shaky Foundations: The Tradeoff Between Structural Safety And Financial Security, Grace Daly
Undergraduate Honors Theses
This paper investigates the relationship between the financial positions of a subcontractor and their performance on the construction site. Financial default by a subcontractor can cost general contractors additional time and expense, as they try to find replacements and keep the projects on schedule. This highlights the importance of vetting subcontractors before awarding a bid. This study attempts to bridge the gap between the subjective nature of construction quality and the more technical financial analysis in determining the overall quality of subcontractors. Safety measures are also incorporated into performance ratings. Data is collected for the years 2009 through 2014 from …
Gender Bias In Microlending: Do Opposites Attract?,
2015
University of San Francisco
Gender Bias In Microlending: Do Opposites Attract?, Kanyinsola Adepoju
Master's Theses
This study exploits a quasi-random assignment of clients to loan officers using a unique database and survey from a large microfinance bank in Nigeria to show that opposite-sex preferences affect credit demand and supply. We find that clients matched to loan officers of the opposite gender are more likely to receive credit and are more likely to return for an additional loan with the credit lender.
