Many potential benefits of foreign expansion have been identified in the literature, yet empirical support that multinational firms perform better than domestic firms is mixed. This paper takes a longitudinal perspective and argues that how much a firm benefits from having foreign subsidiaries...

This article reviews recently proposed likelihood ratio tests of goodness-of-fit and independence of interval forecasts. It recasts them in the framework of Pearson chi-squared statistics, and considers their extension to density forecasts. The use of the familiar framework of contingency tables...

Globally the biopharmaceutical industry is characterized by strong competition, research-intensive and protracted new product development (NPD) processes, intensive regulation and extensive alliance activity. Policy regimes and operating environments differ markedly, however. Here we examine how...

This article provides a first analysis of the forecasts of inflation and GDP growth obtained from the Bank of England's Survey of External Forecasters, considering both the survey average forecasts published in the quarterly Inflation Report, and the individual survey responses, recently made...

For a fractionally integrated ARFIMA(p,d,q) model, temporal aggregation changes the order of the process to an ARFIMA(p,d,infinity), while leaving the value of d unchanged. This paper analyses the effects of temporal aggregation on the estimated long memory parameter, d, using both...

We present a model of training investments and employment outcomes. In this model training may enhance trainees' tastes for particular types of career (taste shift) and/or shift their wage offer distributions (pay-off). An empirical analysis is conducted with a unique data-set of UK graduates....

We consider two competing financial state space models and investigate whether additional information in the form of option price data is helpful to the estimation of either the unobservable state variable (volatility) or the unknown parameters in the model. The complete discussion of the...

We examine the relationship, across 39 countries, between regulation and entrepreneurship using a new two-equation model. We find the minimum capital requirement required to start a business lowers entrepreneurship rates across countries, as do labour market regulations. However the...

This paper re-examines the link between new firm formation and subsequent employment growth. It investigates whether it is possible to have the wrong type of entrepreneurship-defined as new firm formation which leads to zero or even negative subsequent employment growth. It uses a very similar...

The global financial crisis of summer 2008 rocked markets throughout the world. Evidence of its impact on the urban working poor is only just emerging but is likely to be profound. The paper challenges the accepted argument that globalization and economic growth is good for poverty reduction,...