This paper surveys the recent empirical literature on emerging stock markets of the last quarter of the 20th century and elaborates on its theoretical insights and empirical methods to design a research agenda on the “emergence†of equity markets in European peripheries before 1913. We...

Based on a freshly built data set and relying on a Bayesian Dynamic Factor Model, this paper constructs business cycle indices for five South-East European (SEE) countries (Austria(-Hungary), Bulgaria, Greece, Romania, Serbia/Yugoslavia) to address two questions: to what extent has there been a...

This note analyzes the problem Captain MacWhirr faces in Joseph Conrad’s novel Typhoon as an implementation problem under incomplete information. We identify a sufficient condition under which each player has a unique rationalizable strategy. In this unique rationalizable outcome, truthful...

This paper outlines a real options approach to valuing those announcements which are made by firms outside their legal requirements. From the firm's perspective, information is disclosed only if the manager of the firm is sufficiently certain that the market response to the announcement will...

This paper investigates the determinants of job satisfaction in Italy with particular emphasis on social relations. Our econometric analysis is based on four waves (1993, 1995, 1998 and 2000) of the Multipurpose Household Survey conducted annually by the Italian Central Statistics Office. The...

We study racial/ethnic disparities in awareness of chronic diseases using biomarker data from the 2006 HRS. We explore two alternative definitions of awareness, and estimate a 3-step sequential model which accounts for selection along measured and unmeasured factors into: (1) participating in...

Whether informal family health care is a substitute or complement for formal health care has been debated in the literature. If it is a substitute, then there is a scope to reduce formal health care cost by promoting informal family health care. Using Korean survey data for the elderly of age 65...

We highlight the role of local instrumental variable (LIV) methods in exploring treatment effect heterogeneity using an empirical example of evaluating the use versus non-use of prehospital intubation (PHI) in patients with traumatic injury. We find evidence that effect of PHI on inpatient...

We test the relationship between happiness and self-rated health in Italy. The analysis relies on a unique dataset collected through the administration of a questionnaire to a representative sample (n = 817) of the population of the Italian Province of Trento in March 2011. Based on probit...

We start by proposing a new measure of overfitting expressed on the untransformed scale of the dependent variable, which is generally the scale of interest to the analyst.We then show that with nonlinear models shrinkage due to overfitting gets confounded by shrinkage—or expansion— arising...