"Two puzzling facts of international migration are that only a small share of a sending country's population emigrates and that net migration rates tend to cease over time. This paper addresses these issues in a migration model with heterogeneous agents that features temporary migration. In...

When estimating finance panel regressions, it is common practice to adjust standard errors for correlation either across firms or across time. These procedures are valid only if the residuals are correlated either across time or across firms, but not across both. This note shows that it is very...

Recent theories of firm dynamics emphasize the role of financial variables as determinants of firm growth. Empirically examining these relationships has been difficult, since there is a lack of financial data on the small, young, and private firms. Using a unique administrative data set, this...

We construct a panel data model to explain the cross-section of individual stock returns, using monthly data for 1,880 large US firms for 1985-2005. Model specification is geared towards multiple explanatory variables, poolability across industries, alternative forecast horizons, and the effects...

This paper deals with dynamic term structure models (DTSMs) and proposes a new way to handle the limitation of the classical affine models. In particular, the paper expands the flexibility of the DTSMs by applying generalized Brownian motions with dependent increments as the governing force of...

This paper examines the pricing and performance of ordinary, venture capital and private equity-backed initial public offerings in the Australian stock market from June 1996 to May 2007. Headline underpricing, underpricing issuer loss, underpricing loss by market value, and underpricing loss by...

The proposed research is intended to study the financing behavior of the Indian firms. The theory of capital structure is important for firms as they are constantly making investment decisions driven by financing decisions. Corporate decisions on capital structure policy have long been a subject...

This study aims to investigate the effect of IT loan on performance of banks. The empirical analysis is grounded on the panel data from 1998 to 2002. The results find that there is negative significant influence as banks increase their loan ratios to the IT industry. Meaningfully, during the...

In the recent banking literature on the relationship between credit risk and the business cycle, the presence of asymmetric effects both across credit risk regimes and through the business cycle has been generally neglected. Employing threshold regression models both at the aggregate and the...