Showing 1 - 7 of 7
This paper introduces a kernel-based nonparametric inferential proce-
Persistent link: https://www.econbiz.de/10010860469
Family businesses are an important part of the world economy (Anderson and Reeb, 2003) and show significant differences in their corporate governance compared to non-family firms. Although displaying evident unique features, family firms have received relatively little attention as distinct from...
Persistent link: https://www.econbiz.de/10010860520
Traditionally, nancial crisis Early Warning Systems (EWSs) rely on macroeconomic leading indicators to forecast the occurrence of such events. This paper extends such discrete-choice EWSs by taking into account the persistence of the crisis phenomenon. The dynamic logit EWS is estimated using an...
Persistent link: https://www.econbiz.de/10010860556
This paper proposes an equilibrium theory of the organization of work in an economy with an implicit market for productive time. In this market, agents buy or sell productive time. This implicit market gives rise to the formation of teams, organized in hierarchies with one leader (buyer) at the...
Persistent link: https://www.econbiz.de/10010754794
We propose a novel nonparametric method to distinguish between recessions vs. depressions and expansions vs. booms in aggregate economic activity. Four depression and
Persistent link: https://www.econbiz.de/10010782095
In the aftermath of the global financial crisis, supervisors in Europe and the U.S. have undertaken a series of bank stress tests to restore market confidence. In this paper we use event study methods to compare the market impact of all U.S. and EU-wide stress tests performed from 2009 to 2013....
Persistent link: https://www.econbiz.de/10011122202
his paper attempts to predict the bear conditions on the US stock market. To this aim we elaborate simple predictive regressions, static and dynamic binary choice (BCM) as well as Markov-switching models. The in- and out-of-sample prediction ability is evaluated and we compare the forecasting...
Persistent link: https://www.econbiz.de/10011106609