Since the pioneering work of Koenker and Bassett (1978), econometric models involving median and quantile rather than … the classical mean or conditional mean concepts have attracted much interest.Contrary to the traditional models where the … noise is assumed to have mean zero, median-restricted models enjoy a rich group-invariance structure.In this paper, we …

generalization of the performance evaluation models by Lockwood and Kadiyala (1988) and Ferson and Schadt (1996).We nd that the … restrictions imposed in existing models may lead to di¤erent inferences about manager selectivity and timing skill.The results from …