During the past 20 years, the world pharmaceutical industry has experienced a dramatic increase in R&D intensity. We apply and extend a model developed by Grabowski and Vernon (2000, Journal of Evolutionary Economics, <Emphasis Type="Bold">10, 201–215) with a pooled data sample of the 15 publicly listed Japanese...</emphasis>

Panel data characterized by groupwise heteroscedasticity, cross-sectional correlation, and AR(1) serial correlation pose problems for econometric analyses. It is well known that the asymptotically efficient, FGLS estimator (Parks) sometimes performs poorly in finite samples. In a widely cited...

The global financial unrest over the last decade has shifted the attention of banking regulators (Basel II, 2001) in estimating default probabilities for a variety of borrowers. Within a binary choice panel data framework, the current study analyzes various models and cross-examines their...

Productivity dispersion across firms is large and persistent, and worker reallocation among firms is an important source of productivity growth. The purpose of the paper is to estimate the structure of an equilibrium model of growth through innovation that explains these facts. The model is a...

Information on housework-time is important for understanding the daily life organisation of different population groups, especially parents. However, time-use surveys, which are usually seen as the best method for capturing information on unpaid work, are very costly and are conducted rather...

This paper elucidates the manner in which users of an online decision support system respond to spatially distributed data when assessing the solution to environmental risks, specifically, nuclear waste disposal. It presents tests for revealing whether users are responding to geographical data...

In 1997, the FDA relaxed regulations on direct-to-consumer (DTC) advertising for pharmaceutical products. This has led to a substantial increase in such expenditures which in turn raises some important public policy questions. For example, has this increase in DTC advertising affected the...