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Changes in the Distribution of Male and Female Wages Accounting for Employment Composition Using Bounds

Blundell, Richard William; Gosling, Amanda; Ichimura, … - C.E.P.R. Discussion Papers - 2004

This Paper examines changes in the distribution of wages using bounds to allow for the impact of non-random selection into work. We show that bounds constructed without any economic or statistical assumptions can be informative. Since employment rates in the UK are often low they are not...

Persistent link: https://www.econbiz.de/10005497856

Financial Structure and Macroeconomic Volatility: Theory and Evidence

Huizinga, Harry; Zhu, Dantao - C.E.P.R. Discussion Papers - 2006

This paper presents a simple model capturing differences between debt and equity finance to examine how financial structure matters for macroeconomic volatility. Debt finance is relatively cheap in the sense that debt holders need to verify relatively few profitability states, but debt finance...

Persistent link: https://www.econbiz.de/10005498044

Blinder-Oaxaca Decomposition for Tobit Models

Bauer, Thomas; Sinning, Mathias - C.E.P.R. Discussion Papers - 2005

In this paper, a decomposition method for Tobit-models is derived, which allows the differences in a censored outcome variable between two groups to be decomposed into a part that is explained by differences in observed characteristics and a part attributable to differences in the estimated...

Persistent link: https://www.econbiz.de/10005656118

The Savings Behaviour of Temporary and Permanent Migrants in Germany

Bauer, Thomas; Sinning, Mathias - C.E.P.R. Discussion Papers - 2005

This paper examines the relative savings position of migrant households in West Germany, paying particular attention to differences between temporary and permanent migrants. Utilizing household level data from the German Socio-Economic Panel (GSOEP), our findings reveal significant differences...

Persistent link: https://www.econbiz.de/10005124460

R&D Efficiency and Barriers to Entry: A Two Stage Semi-Parametric DEA Approach

Cullmann, Astrid; Schmidt-Ehmcke, Jens; Zloczysti, Petra - C.E.P.R. Discussion Papers - 2010

This paper assesses the relative efficiency of knowledge production in the OECD using a nonparametric DEA approach. In general, resources allocated to R&D are limited and therefore must be used efficiently, given the institutional and legal constraints. The efficiency scores presented are based...

Persistent link: https://www.econbiz.de/10008684686

Front-running by Mutual Fund Managers: It ain't that Bad

Danthine, Jean-Pierre; Moresi, Serge X - C.E.P.R. Discussion Papers - 1996

-information and in which noise trading is endogenized. Noise traders are small investors trading through mutual funds to hedge non …

Persistent link: https://www.econbiz.de/10005123513

Greek Closed-End Fund Premia: Differences and Similarities with US Premia and Their Implications

Hardouvelis, Gikas A; Tsiritakis, Emmanuel D - C.E.P.R. Discussion Papers - 1996

The prices of Greek closed-end funds behave similarly to the prices of US funds: they deviate substantially from their net asset values (NAVs); they are more volatile than their NAVs; and they are overly-sensitive to the movements of the domestic stock market index. Furthermore, their premia...

Persistent link: https://www.econbiz.de/10005124169

Individual Investors and Volatility

Foucault, Thierry; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2008

they act as noise traders. To this end, we consider a reform that makes short selling or buying on margin more expensive … for retail investors relative to institutions, for a subset of French stocks. If retail investors are noise traders … are also consistent with models in which individual investors, acting as noise traders, are a source of volatility. …

Persistent link: https://www.econbiz.de/10005114244

Analyzing Strongly Periodic Series in the Frequency Domain: A Comparison of Alternative Approaches with Applications

Artis, Michael J; Clavel, Jose Garcia; Hoffmann, Mathias; … - C.E.P.R. Discussion Papers - 2007

Strongly periodic series occur frequently in many disciplines. This paper reviews one specific approach to analyzing such series viz. the harmonic regression approach. In this paper, the five major methods suggested under this approach are critically reviewed and compared, and their empirical...

Persistent link: https://www.econbiz.de/10005504395

On the Selection of Forecasting Models

Inoue, Atsushi; Kilian, Lutz - C.E.P.R. Discussion Papers - 2003

It is standard in applied work to select forecasting models by ranking candidate models by their prediction mean squared error (PMSE) in simulated out-of-sample (SOOS) forecasts. Alternatively, forecast models may be selected using information criteria (IC). We compare the asymptotic and...

Persistent link: https://www.econbiz.de/10005504404