Prior literature on corporate governance and performance provides mixed evidence on the impact of various corporate governance measures on performance indicators. However, most of literatures adopt the Ordinary Least Square (OLS). This method is based on the central tendency, which may not...

We show that the standard equation-by-equation OLS used in performance evaluation ignores information in the alpha population and leads to severely biased estimates for the alpha population. We propose a new framework that treats fund alphas as random effects. Our framework allows us to make...

Few would contest that teachers are a very important determinant of whether students learn in school and how to improve teacher performance has been the focus of much policy debate in rich and poor countries. This paper examines how incentives, both pecuniary and non-pecuniary, correlate with...

Credit value adjustment (CVA) and related charges have emerged as important risk factors following the Global Financial Crisis. These charges depend on uncertain future values of underlying products, and are usually computed by Monte Carlo simulation. For products that cannot be valued...

Participation in social programs is often misreported in survey data, complicating the estimation of the effects of those programs. In this paper we propose a model to estimate treatment effect under endogenous participation and endogenous misreporting. We show that failure to account for...

We show that the standard equation-by-equation OLS used in performance evaluation ignores information in the alpha population and leads to severely biased estimates for the alpha population. We propose a new framework that treats fund alphas as random effects. Our framework allows us to make...

Likelihood-based procedures are a common way to estimate tail dependence parameters. They are not applicable, however, in non-differentiable models such as those arising from recent max-linear structural equation models. Moreover, they can be hard to compute in higher dimensions. An adaptive...

The deseasonalized monthly mean surface temperature time series for Nuuk, Greenland in the 148-year sample period 1866-2013 shows a statistically significant OLS warming trend of 0.1C per decade. Rescaled range analysis of the deseasonalized and detrended residuals reveals a high value of the...