Most panel data studies of the predictability of returns presume that the cross-sectional units are independent, an assumption that is not realistic. As a response to this, the current paper develops block bootstrap-based panel predictability tests that are valid under very general conditions....

We consider an exact factor model and derive a Lagrange multiplier-type test for unit roots in the idiosyncratic components. The asymptotic distribution of the statistic is derived under the misspecification that the differenced factors are white noise. We prove that the asymptotic distribution...

In many European countries, re-employment probabilities of older unemployed workers are relatively low. While there is evidence that financial incentives and search obligations are effective to increase the job prospects of older workers, recent research also stresses the importance of birth...

In this paper, the author investigates optimal designs for multivariate binary regression models used in many clinical experiments. As the computation of a joint likelihood for multiple binary outcomes is often tedious, the author proposes and explores a pseudo-likelihood approach for choosing...