This paper investigates leading indicators of systemic banking crises in a panel of 11 EU countries, with a particular focus on Finland. We use quarterly data from 1980Q1 to 2013Q2, in order to create a large number of macro-financial indicators, as well as their various transformations. We make...

Within the realm of logit-type random parameter models to address unobserved heterogeneity in preferences there are two dominant approaches: the mixed logit model, which assumes parametric and continuous heterogeneity distributions, and the latent class logit model, which is a discrete and...

We propose a flexible and robust non-parametric local logit regression for modelling and predicting defaulted loans' recovery rates that lie in [0,1]. Applying the model to the widely studied Moody's recovery dataset and estimating it by a data-driven method, the local logit regression uncovers...

In this study, we compare the parameter estimates of the mixed logit model obtained with maximum likelihood and with hierarchical Bayesian estimation. The choice of the priors in Bayesian estimation and of the type and the number of quasi-random draws for maximum likelihood estimation have a big...

This paper studies the fact that 37 percent of the internal migrants in China do not sign a labor contract with their employers, as revealed in a nationwide survey. These contract-free jobs pay lower hourly wages, require longer weekly work hours, and provide less insurance or on-the-job...