This paper examines whether patenting increases the private incentives to innovate in manufacturing. In order to study this issue, we build a model in which the value of an innovation depends both on the type of innovation implemented (product, process) and on the existence or not of a patent...

Dans cet article, nous proposons des tests sur la forme de la distribution des erreurs dans un modèle de régression linéaire multivarié (RLM). Les tests que nous développons sont fonction des résidus obtenus par moindres carrés multivariés, lesquels sont standardisés de façon à ce que...

In this paper, we propose several finite-sample specification tests for multivariate linear regressions (MLR) with applications to asset pricing models. We focus on departures from the assumption of i.i.d. errors assumption, at univariate and multivariate levels, with Gaussian and non-Gaussian...

In this paper we propose exact likelihood-based mean-variance efficiency tests of the market portfolio in the context of Capital Asset Pricing Model (CAPM), allowing for a wide class of error distributions which include normality as a special case. These tests are developed in the framework of...

In this paper, we propose exact inference procedures for asset pricing models that can be formulated in the framework of a multivariate linear regression (CAPM), allowing for stable error distributions. The normality assumption on the distribution of stock returns is usually rejected in...

This paper illustrates the usefulness of resampling based methods in the context of multiple (simultaneous) tests, with emphasis on econometric applications. Economic theory often suggests joint (or simultaneous) hypotheses on econometric models; consequently, the problem of evaluating joint...

A wide range of tests for heteroskedasticity have been proposed in the econometric and statistics literatures. Although a few exact homoskedasticity tests are available, the commonly employed procedures are quite generally based on asymptotic approximations which may not provide good size...

Cet article étudie l'impact des facteurs institutionnels et réglementaires sur la défaillance des banques des pays émergents. Peu de travaux se sont intéressés à la défaillance bancaire dans ces pays. Or, la qualité des institutions telles que les commissions de régulation et de...

The paper focuses on the effects of formal and informal on-the-job training on wages and promotions for men and women. For that purpose, we use the 1999-2000 Canadian Worplace and Employee Survey (WES). Using a simulated maximum likelihood, we estimate a recursive trivariate probit that...

This paper examines the impact of financial constraints on innovation for established firms. We make use of a direct measure of the existence of financial constraints obtained thanks to a specific survey addressed to French established firms (FIT, Sessi). This is a distinctive feature of this...