Managers manipulate firm’s earnings through real activities to show good performance in the current period. This article determines whether there is any impact of these earnings manipulation in future financial performance or not. A panel data analysis technique generalized least square...

Theory and empirical evidence suggest short-run interactions between capital and risk. This paper analyzes the effects of reinsurance, as a new endogenous decision variable, on this policy mix. We examine this issue using a system of simultaneous equations applied to the U.S. property-liability...

Financial constraints affect firms’ financial and productive decisions generating substantial macroeconomic implications in terms of investment, economic growth, inflation and income distribution. Despite its relevance, financial constraints are not directly observable. However, empirically...

The paper assesses the effect of financial development on poverty reduction. To do this, we are going to build a model of simultaneous equations on a sample composed of 89 countries over the period 1990-2011. The model is based on a trilateral relationship connecting growth, inequalities and...

The demand for U.S. feed grain is estimated using a six-equation simultaneous model. Four different utilizations of feed grain and feed grain price as well as the number of animal units fed are estimated. The reduced form of the model is used to provide forecasts of the endogenous variables for...

Protected areas are increasingly used as a tool to fight against deforestation. This paper presents new evidence on the spillover effects that occur in the decision to deforest and the creation of protected areas in local administrative entities in Brazilian Legal Amazon over the 2001-2011...

This paper addresses the question of a causal link between global warming and urban sprawl by focusing on the role local climate plays in determining household behavior regarding housing decisions. We introduce a theoretical model with a climatic amenity along urban economics lines, and consider...

This paper presents new empirical evidence on the effectiveness of Bank of Japan's foreign exchange interventions on the daily realized volatility of USD/JPY exchange rates using high frequency data. Following Huang and Tauchen (2005) and Barndorff-Nielsen and Shephard (2004, 2006), we use...

This research explores the theoretical and applied issues associated with endogenous switching systems where market prices are bounded by policy instruments such as price supports Options for estimation of model parameters and their associated standard errors are identifdied and explored...