We examine the impact of R&D intensity and agency costs on the value of firms across 13 economies. We find that R&D adds value while high agency costs reduce value. R&D adds value, however, even when agency costs are high. We show that in those firms where agency costs are high and R&D intensity...

In this paper, a new alternative beta risk estimator method designed to offer better results when coping with the situation of extreme thin trading is presented for Latin American stocks. The method proposed is applied to a set of data in which the estimator is adjusted for censoring, that is,...

A changing climate and higher wind speeds means that residential construction is likely to receive more damage in the future if design standards are maintained at the current level. The vulnerability of residential construction may be reduced by an adaptation strategy that increases design wind...

This paper investigates using maximum simulated likelihood (MSL) estimation for random-effects dynamic probit models with autocorrelated errors. It presents and illustrates a new Stata command, redpace, for this estimator. The paper also compares using pseudorandom numbers and Halton sequences...

A semi-nonparametric estimator is presented for a series of generalized models that nest the ordered probit model and thereby relax the distributional assumptions in that model. A new Stata command for the estimation of such models is presented. The approach is illustrated using examples.

Employees in workplaces with a closed shop get paid more than their counterparts in comparable workplaces without a closed shop. Is this pay differential a consequence of high union density or the institution of the closed ship itself? The authors' results indicate that a post-entry closed shop...

The authors examine cyclicality of strike frequency and incidence using Canadian data on strikes and contracts. Total strike frequency exhibits significant procyclicality, to which within-contract strikes contribute appreciably. Evidence is weaker for procyclical behavior of contract-expiry...

This article constructs an index of competitiveness for different international sports. This is done by finding the national characteristics that are associated with sporting success and then noting the countries that participate in the different sports. This enables the various sports to be...