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Numerous empirical studies have shown evidence of nonlinearities in financial time series, which can be of both a deterministic and a stochastic nature. Chaos is an example of the former, and heteroscedasticity in the conditional variance an example of the latter. We apply a test, the BDS test,...
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In this paper we investigate the relationship between productivity growth and firm dynamics using firm-level data … between 1992 and 2006. Theories emphasising firm-level heterogeneity show that industry-level productivity may not only … was the main factor behind industry-level productivity growth in Hungary in this period, but creative destruction also …
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