This seminar examines the effects that the private selection of arbitrators has over arbitrators' incentives in deciding the cases before them and over the arbitrators' implied bias. These effects have important implications for the design of Arbitration rules by Arbitration and Dispute...

Money demand instability has been the subject of considerable attention in the recent literature. This paper examines the stability of velocity series for the United States and for five European countries (France, Germany, Italy, the Netherlands and the United Kingdom). A distribution-free test...

This paper evaluates the finite-sample performance of single structural change tests based onthe asymptotic distribution and bootstrap procedures. In addition to the conventional case of stationaryregressors, we consider nonstationary regressors and others characterized by the presence of a...

This paper studies the problem of estimation and inference in cointegrated regression models with multiple structural changes. Our framework is general enough to incorporate both stationary and integrated regressors. Both pure and partial structural change models are analyzed. We derive the...

This paper is a contribution in exploring the empirical evidence of the instability in the tail behaviour returns of stock market indices, based on some developments in the analysis of structural change models. The proposed approach can jointly determine the number of structural breaks in a...