The paper studies the degree of homogeneity of innovative behavior in order to determine empirically an industry classification of Dutch manufacturing that can be used for policy purposes. We use a twolimit tobit model with sample selection, which explains the decisions by business enterprises...

This paper studies the effects of aggregate, industry-, and firm-specific factors on the exit hazard rates in the market for daily newspapers in The Netherlands from 1950 to 1996. We present a brief overview of the exit literature. On the basis of the existing empirical evidence, we decided to...

This paper proposes a method to implement maximum likelihood estimation of the dynamic panel data type 2 and 3 tobit models. The likelihood function involves a two-dimensional indefinite integral evaluated using "two-step" Gauss-Hermite quadrature. A Monte Carlo study shows that the quadrature...

In this paper we extend the concept of serial correlation common features to panel data models. This analysis is motivated both by the need to develop a methodology to systematically study and test for common structures and comovements in panel data with autocorrelation present and by an...