This paper analyzes multifactor models in the presence of a large number of potential observable risk factors and unobservable common and group-specific pervasive factors. We show how relevant observable factors can be found from a large given set and how to determine the number of common and...

This paper is an attempt to investigate the impact of services trade on economic development of Sub-Sahara African (SSA) countries. Our analysis is based on a panel data framework over the period 1990 to 2010 covering thirty-three countries. The paper employs the endogenous growth model to...

Political risk, like all other risks, has an adverse effect on any economy. Even though other forms of risk, such as economic risk and financial risk have been studied quite extensively, political risk has not received much attention owing primarily to lack of data. The current paper attempts to...

In recent years the issues of energy consumption and economic development have become the concern of many parties, particularly policy makers. The empirical outcomes of previous studies examining the relationship between energy consumption and economic growth have been inconclusive and...

This paper empirically parallels two approaches: The first one follows the studies of Halicioglu (2009), Jalil and Mahmud (2009), and Jayanthakumaran et al. (2012) which attempt to introduce energy consumption and trade into the environmental function (related carbon dioxide ‘CO2’ emissions...

This paper examines the relations between corporate profitability and capital structures of the machinery industry firms listed on the Tokyo Stock Exchange. Some theories and models predict different relations between corporate profitability and firms¡¯ capital structures. In this paper, we...

This study aims at unveiling regional development differences in Norway with respect to various natural resource-based activities that take place in the NUTS3 regions. Norway?s natural riches range from agricultural and forest resources to fisheries, mines, petroleum and gas. Considering the...