This paper shows that popular linear fixed-effects panel-data estimators (first-differences, within-transformation) are biased and inconsistent when applied in a discrete-time hazard setting, that is, one with the outcome variable being a binary dummy indicating an absorbing state, even if the...

This paper investigates the time between transactions on financial markets. It is assumed that the interval between transactions is a random variable and the relationship between the probability to observe a transaction at each instant of time and the type of the previous trade is investigated....

We investigate executive turnovers with focus on different kinds of outside board memberships of supervisory board members. The analysis is based on all management board members of the largest German corporations during the period from 1996 to 2008. Cox proportional hazard estimations suggest...

Accurate measurement of digital divides is important for policy purposes. Empirical studies on broadband subscription gaps have largely used cross-sectional data, which cannot speak to the timing of technological adoption. Yet, the dynamics of a digital divide are important and deserve study....

We study a mixed hitting-time (MHT) model that specifies durations as the first time a Lévy process - a continuous-time process with stationary and independent increments - crosses a heterogeneous threshold. Such models are of substantial interest because they can be reduced from...

In the early 1990s, the Dutch social partners agreed upon transforming the generous and actuarially unfair PAYG early retirement schemes into less generous and actuarially fair capital funded schemes. The starting dates of the transitional arrangements varied by industry sector. In this study,...

In a large class of hazard models with proportional unobserved heterogeneity, the distribution of the heterogeneity among survivors converges to a gamma distribution. This convergence is often rapid. We derive this result as a general result for exponential mixtures and explore its implications...

We investigate the role of industry and region-specific conditions for the survival of new businesses in innovative and in other manufacturing industries. The data comprises all German manufacturing start-ups of the 1992 to 2005 period. In contrast to studies for some other countries, we find...

Shared-frailty survival models specify that systematic unobserved determinants of duration outcomes are identical within groups of individuals. We consider random-effects likelihood-based statistical inference if the duration data are subject to left-truncation. Such inference with...

This paper investigates the determinants of German long-term unemployment. In particular a microeconometric event history analysis will be carried out to examine what impact personal characteristics such as age, gender, education, etc. or factors such as receiving unemployment benefits have on...