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In credit default prediction models, the need to deal with time-varying covariates often arises. For instance, in the context of corporate default prediction a typical approach is to estimate a hazard model by regressing the hazard rate on time-varying covariates like balance sheet or stock...
Persistent link: https://www.econbiz.de/10008939079
This paper studies the impact of investor sentiment on the probability of firms conducting seasoned equity offerings (SEOs) and on stock performance around and subsequent to SEOs. We first show that investor sentiment is positively related to SEO probability, and that small, high volatility,...
Persistent link: https://www.econbiz.de/10013017381
This paper analyzes the relation between security issue announcement returns and the choice between debt, equity, and not issuing. As in Myers and Majluf (1984), higher-valued firms do not issue, and hence security issues are associated with negative announcement effects. Firms that choose to...
Persistent link: https://www.econbiz.de/10012855915
Persistent link: https://www.econbiz.de/10012989270
Studies about innovation find evidence of a positive relationship between technological advancement and firm performance, in particular when the innovative effort is continuous. This paper aims to further the analysis on the duration of R&D investment at the firm level. The contribution of this...
Persistent link: https://www.econbiz.de/10011705599
Studies about innovation find evidence of a positive relationship between technological advancement and firm performance, in particular when the innovative effort is continuous. This paper aims to further the analysis on the duration of R&D investment at the firm level. The contribution of this...
Persistent link: https://www.econbiz.de/10012998168
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...
Persistent link: https://www.econbiz.de/10010503724
This paper builds on the Empirical Monte Carlo simulation approach developed by Huber et al. (2013) to study the estimation of Timing-of-Events (ToE) models. We exploit rich Swedish data of unemployed job-seekers with information on participation in a training program to simulate placebo...
Persistent link: https://www.econbiz.de/10012419545
This paper compares two approaches to analyzing longitudinal discrete-time binary outcomes. Dynamic binary response models focus on state occupancy and typically specify low-order Markovian state dependence. Multi-spell duration models focus on transitions between states and typically allow for...
Persistent link: https://www.econbiz.de/10012025722
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...
Persistent link: https://www.econbiz.de/10012120020