This paper investigates the relationship between fiscal policy and output volatility in Russian regions between 2000 and 2009. System GMM estimation techniques are used to account for potential endogeneity between output volatility and fiscal developments. Our main finding is that fiscal...

Hong and Kao (2004) proposed a panel data test for serial correlation of unknown form. However, their test is computationally difficult to implement, and simulation studies show the test to have bad small-sample properties. We extend Gencay's (2011) time series test for serial correlation to the...

The paper deals with the issues of gravity models applied in the field of trade flow analysis. Applied variables, assumptions of their impacts, problems of gravity equations and their resolving (namely the endogeneity problem, the heterogeneity problem, and the identification problem) are...

This paper investigates the relationship between fiscal policy and output volatility in Russian regions between 2000 and 2009. System GMM estimation techniques are used to account for potential endogeneity between output volatility and fiscal developments. Our main finding is that fiscal...

The aim of this article is to estimate how firm-specific indicators and macroeconomic conditions affect capital structure choices and to determine whether or not the current financial crisis may have a significant impact on corporate financing decisions. The sample analyzed consists of 196...

In this paper we suggest a J-test in a spatial panel framework of a null model against one or more alternatives. The null model we consider has fixed effects, along with spatial and time dependence. The alternatives can have either fixed or random effects. We implement our procedure to test the...

The risk balancing literature suggests that business risk management (BRM) programs may, through risk balancing (offsetting adjustments between business risk and financial risk), lead farmers to take on more financial risk than they would take otherwise, which, in turn, increases the risk of...

This study aims to explain the factors affecting the profitability among Turkish industrial firms. The determination of the factors which may influance profitability enables firms to work more effectively and to control their profits much easily. For this reason, the top 500 and the second batch...

In this paper we suggest a J-test in a spatial panel framework of a null model against one or more alternatives. The null model we consider has fixed effects, along with spatial and time dependence. The alternatives can have either fixed or random effects. We implement our procedure to test the...