The paper examines the nexus of foreign ownership and market power in 26 European banking sectors, for the period 1997-2013. The sample comprises 11,761 bank-year estimates of marginal cost and market power, which are then matched with data on the foreign ownership status and presence across all...

Recent advances and research in applications of causal inference have shown that the understanding of applied modeling in causal effects is of particular importance in econometrics. Our special focus is on reviewing dynamic causal research. This paper presents a review of the dynamic causality...

This paper studies semiparametric identification of substitution patterns between two goods using a panel multinomial choice model with bundles. My model allows the two goods to be either substitutes or complements and admits heterogeneous complementarity through observed characteristics. I...

In this paper, a closed-form analytical solution of option price under the Bi-Heston model is derived. Through empirical analysis, the advantages and disadvantages of the parametric pricing model are compared and analysed with those of the non-parametric model. The analysis shows that: (1) the...

In this paper, we consider a panel data model which allows for heterogeneous time trends at different locations. We propose a new estimation method for the panel data model before we establish an asymptotic theory for the proposed estimation method. For inferential purposes, we develop a...