This study investigates specifically the effects of institutional settings and risks on dividend payout policy for banks operate in an emerging market of Nigeria. The present study measures the risk by using financial, business, credit, and default risk at the bank-level and financial, economic,...

We consider the sensitivity of the Tobit estimator to heteroscedasticity. Our single independent variable is a dummy variable whose coefficient is a difference between group means, and the error variance differs between groups. Heteroscedasticity biases the Tobit estimate of the two means in...

Applied economists have long struggled with the question of how to accommodate binary endogenous regressors in models with binary and non-negative outcomes. I argue here that much of the difficulty with limited-dependent variables comes from a focus on structural parameters, such as index...

This paper studies models of processes generating censored outcomes with endogenous explanatory variables and instrumental variable restrictions. Tobit-type left censoring at zero is the primary focus in the exposition. The models studied here are unrestrictive relative to others widely used in...

Nowadays, countries are more concerned with the improvement of effectiveness and efficiency in public sector activities in the perspective of frugal innovation. The problem centers around how to obtain more and better public service with the limitations of the public incomes and indebtedness in...