We employ agency theory to argue that the effects of family (and founder) ownership versus management will be quite different: the former is expected to contribute positively to performance, the latter is argued to erode performance. Previous studies, due to problems of multicollinearity have...

Traditional econometric models of economic contractions typically perform poorly in forecasting exercises. This criticism is also frequently levelled at professional forecast probabilities of contractions. This paper addresses the problem of incorporating the entire distribution of professional...

In this paper we exploit the principle of maximum entropy to gain insight into the process underlying the internal dynamics of a stock market. We first introduce a simplified physical model, the ideally liquid stock, to describe market price evolution and derive an operational definition of...

The nature of the effect of media advertising on brand choice is investigated in two product categories in analyses that combine household scanner panel data with media exposure information. Alternative model specifications are tested in which advertising is assumed to directly affect brand...

The likelihood for copula modeling appears when both the data and the copula representations are seen as being driven by common uniform latent variables. This perspective facilitates Bayesian inference for prediction and copula selection.

In this paper we investigate the cyclicality of real wages. The approach we take is to search for the largest possible common cyclical component in a statistical sense. This contrasts with the existing literature which uses observable variables to proxy for a common cycle. We do so by using a...

Background: Cost-effectiveness models should always be amendable to updating once new data on important model parameters become available. However, several methods of synthesizing data exist and the choice of method may affect the cost-effectiveness estimates. Objectives: To investigate the...

Methods for determining sample size requirements for cost-effectiveness studies are reviewed and illustrated. Traditional methods based on tests of hypothesis and power arguments are given for the incremental cost-effectiveness ratio and incremental net benefit (INB). In addition, a full...