The global financial crisis has led to an increasingly focused attention on excessive bank risk-taking. One of the consequences is that the role of internal governance mechanisms (such as the board of directors) in monitoring risk has come under greater scrutiny.In this paper we examine the...

This paper develops and tests a simultaneous equations model (SEM) for extending accounting based valuation models used in empirical studies. To calculate the ‘other information' variable in the Ohlson (1995) model, we derive forecasts of operating income from the SEM, rather than using...

New nonparametric methods that identify and estimate counterfactuals for individuals, when each is characterized by a vector of unobserved characteristics, are developed and applied to estimate systems of individual consumer demand and welfare measures. The unobserved characteristics are allowed...

This paper develops estimators for simultaneous equations with spatial autoregressive or spatial moving average error components. We derive a limited information estimator and a full information estimator. We give the generalized method of moments to get each coefficient of the spatial...

The literature on graphical models and the literature on identification pursue similar goals, but do not use entirely each other's results, because represent them in different languages. To ease the communication between these fields, I translate the most important theorems on identification of...

We propose a maximum likelihood framework for estimating finite mixtures of multivariate regression and simultaneous equation models with multiple endogenous variables. The proposed “semi‐parametric” approach posits that the sample of endogenous observations arises from a finite mixture of...

In this paper we develop a statistical model of language complexity trade-offs using four typological measures (related to phonology, morphology, syntax and lexicon). The data come from the 100-language sample that appears in the World Atlas of Language Structures (WALS), and the trade-offs are...

While a good deal of research in simultaneous equation models has been conducted to examine the small sample properties of coefficient estimators there has not been a corresponding interest in the properties of estimators for the associated variances. In this paper we build on Kiviet and...