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Market liquidity, investor participation and managerial autonomy : why do firms go private?
Boot, Arnoud W. A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - 2005
We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...
Persistent link: https://www.econbiz.de/10011348720
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On the ambiguous consequences of omitting variables
De Luca, Giuseppe; Magnus, Jan R.; Peracchi, Franco - 2015
-generation process, the least-squares estimators have smaller bias (in fact zero bias) but larger variances in the long regression than … in the short regression. But if the long regression is also misspecified, the bias may not be smaller. We provide bias …
Persistent link: https://www.econbiz.de/10010532602
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Measuring biases in expectation formation
Peters, Florian; Kucinskas, Simas - 2018
We develop a general framework for measuring biases in expectation formation. The method is based on the insight that biases can be inferred from the response of forecast errors to past news. Empirically, biases are measured by flexibly estimating the impulse response function of forecast...
Persistent link: https://www.econbiz.de/10011869992
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Badge of honor or scarlet letter? : unpacking investors' judgment of entrepreneurs' past failure
Zunino, Diego; Praag, Mirjam van; Dushnitsky, Gary - 2017
Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs’ past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information...
Persistent link: https://www.econbiz.de/10011720322
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On bias, inconsistency and efficiency of various estimators in dynamic panel data models
Kiviet, Jan F. - 1994 - Rev
Persistent link: https://www.econbiz.de/10000151660
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The bias of the Gini coefficient due to grouping
Van Ourti, Tom; Clarke, Philip M. - 2008
We propose a first order bias correction term for the Gini index to reduce the bias due to grouping. The first order … reveals an intuitive formula for the remaining second order bias which is useful in empirical analyses. We analyze the … it reduces a considerable share of the bias due to grouping. …
Persistent link: https://www.econbiz.de/10011377108
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The origin of prospect theory, or testing the intuitive statistician
Heukelom, Floris - 2005
The origin of prospect theory is the desire to test the intuitive statistician in the real world. The development of this theory by the cognitive psychologists Kahneman and Tversky can be traced to the former's work in cognitive psychophysics, in which deviations from average behavior are termed...
Persistent link: https://www.econbiz.de/10011346453
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Cognitive biases and consumer sentiment
Kole, Erik; Noordegraaf-Eelens, Liesbeth; Vringer, Bas - 2019
We investigate whether two heuristics, the peak-end rule and herding, lead to cognitive biases in the index of consumer sentiment published by the University of Michigan. Both affect respondents' assessment of changes in their financial position over the past year. Consistent with the peak-end...
Persistent link: https://www.econbiz.de/10012025977
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A theory on media bias and elections
Sun, Junze; Schram, Arthur; Sloof, Randolph - 2019
rise in media bias affects the election outcome in a non-monotonic way, and reduces voter welfare by decreasing the …
Persistent link: https://www.econbiz.de/10012030647
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Aggregation bias in elasticities of substitution and the minimum wage paradox
Teulings, Coen N. - 1998
largely due to a bias induced by the aggregation of skill types into broad categories. An assignment model is applied where … the bias. Estimation results for the United States show elasticities of complementarity to be underestimated by up to a …
Persistent link: https://www.econbiz.de/10011299960