The local power of test statistics is analyzed by extending the notion of Pitman sequences to sequences of data … tend asymptotically to the same random variable under all sequences of local DGPs. The power of these tests depends on the … power. …

-adjusted, than the standard test introduced by Hansen (1982). The Monte Carlo evidence shows that very little size-adjusted power is …

The asymptotic power of a statistical test depends on the model being tested, the (implicit) alternative against which … for several classes of models and tests. First, we analyze the power of tests of nonlinear regression models in regression … directions. Next, we consider the power of heteroskedasticity-robust variants of these tests. Finally, we examine the power of …

under non-null processes described by a Pitman drift. However, complications arise in the measurement of power. If the test … show that, under an asymptotic independence condition, the power of both bootstrap and asymptotic tests can be estimated …

We model firms' incentives to voluntarily adopt corporate governance mechanisms and hypothesize that management … declining in variability across firms. Governance mechanisms are least likely to be voluntarily implemented when management …

market power is lost in the limit. We present a more abstract model of governance in the presence of market distortions. …

If consumers wholly or partially control a firm with market power they will charge less than the profit maximising …

the corporation--raises questions about actions that corporations take to counter concerns regarding management …'s influence. What mechanisms, if any, do corporations implement to balance the distribution of power in the corporation? To … practices. Because board independence is one way to enhance shareholders' ability to monitor management, we probe whether firms …