Productivity change and shareholder value have been analysed in the banking sector in the last few years, although it should be noted that these two important aspects have been studied separately. In this regard, the main contribution of our study is to link these two lines of research by...

This article is aimed at verifying the fulfilment of the Fisher hypothesis for a panel of 15 EU countries using the recent developments in the estimation of panel cointegration models with cross-sectional dependence generated by unobservable global stochastic trends (Bai et al., 2009). Bai et...

We propose a new testing procedure to determine the rank of cointegration. This new method is based on the nonparametric resampling procedure, so-called Residual-Based Block Bootstrap (RBB), which is developed by Paparoditis and Politis (2003) in the context of unit root testing. Through Monte...