The Programme for International Student Assessment (PISA) is an internationally standardized assessment to 15-year-old pupils in schools. With the same purpose, the questionnaire made by Dr. Duller (Austria) was conducted at the university Humboldt, Berlin. We would like to assess how good...

In this paper we develop some econometric theory for factor models of large dimensions. The focus is the determination of the number of factors, which is an unresolved issue in the rapidly growing literature on multifactor models. We propose some panel C(p) criteria and show that the number of...

This chapter surveys recent econometric methodologies for inference in large dimensional conditional factor models in finance. Changes in the business cycle and asset characteristics induce time variation in factor loadings and risk premia to be accounted for. The growing trend in the use of...