We consider a class of panel tests of the null hypothesis of no cointegration and cointegration. All tests under investigation rely on single-equations estimated by least squares, and they may be residual-based or not. We focus on test statistics computed from regressions with intercept only...

This paper looks at the relationship between patents and economic growth in Japan and South Korea using both individual country and panel data. For the econometric estimation, we use annual data for 1963-2005. For Japan, we find that the logarithms of real GDP and the number of patents are...

National Council of Real Estate Fiduciaries multiple listing service level cash flows and panels of capitalization rates for industrial, office and retail properties over the last two decades are examined in this study. Real NOI 5-year future growth is shown to be negatively related to...

Applying the new panel unit root test developed in this paper, we can overcome the pitfalls of old-fashioned panel unit root tests and makes it possible for researchers testing individual series for a unit root while taking contemporaneous cross-sectional dependence into account. The proposed...

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...

Empirical experience and microeconomic theory suggest that abnormal profit margins fade show a mean reversion trend within a certain amount of time. The present empirical study analyzes this phenomenon on the basis of the publicly available data of more than 10,000 US-listed companies since...

The empirical analysis of corporate financial behaviour show the relevance of an approach able to nest both Trade-Off and Pecking-Order theoretical considerations. While we believe that the good empirical performance of the nested model is due to companies genuinely opting for a mixed behaviour,...

Several lessons learned from a Bayesian analysis of basic economic time series models by means of the Gibbs sampling algorithm are presented. Models include the Cochrane-Orcutt model for serial correlation, the Koyck distributed lag model, the Unit Root model, the Instrumental Variables model...

The main aim of this paper is to estimate the future trend and analyze the pattern and rate of adoption of telephones in India. The paper uses S-shaped growth curve models for the same. It is found that the teledensity in India will increase from 12.6 telephones per 100 inhabitants in 2005-06 to...

This paper provides an empirical analysis on the determination of wages at the sectoral level in main industrial economies. Nominal wages are bargained between labour unions and employers in imperfect competitive markets, where spillovers across sectors might occur. Using a principal component...