Cook, Douglas O.; Kieschnick, Robert; McCullough, B.D. - In: Journal of Empirical Finance 15 (2008) 5, pp. 860-867
Numerous papers in finance study the conditional mean of some proportion or fraction with a mass point at zero. We argue that most, if not all, of these studies use mis-specified statistical models, especially when firms or individuals choose to not do something for different reasons. To address...