This paper examines the use of count data-based outcome variables such as corporate patents in empirical corporate finance research. We demonstrate that the common practice of regressing the log of one plus the count on covariates ("LOG1PLUS" regression) produces biased and inconsistent...

Count data regressions are an important tool for empirical analyses ranging from analyses of patent counts to measures of health and unemployment. Along with negative binomial, Poisson panel regressions are a preferred method of analysis because the Poisson conditional fixed effects maximum...

We use a heterogeneous panel VAR model identified through factor analysis to study the dynamic response of exports, imports, and per capita GDP growth to a “global” aid shock. We find that a global aid shock can affect exports, imports, and growth either positively or negatively. As a...

Due to a broad consensus in the engaging of global economic integrations, host countries encounter a number of challenges, especially in international capital mobility. Foreign direct investment (FDI) becomes a pillar for economic development. This study explores which Association of Southeast...

Recent empirical evidence suggests that reversing current account balances imply costly adjustment processes leading to reduced economic growth. Using large panel data sets to analyze determinants and costs of reversals asks for controls of heterogeneity among countries. This paper contributes a...

Export diversification, or the breadth of exports of an economy, is increasingly seen as a means of accelerating economic growth, mitigating instability due to price, demand, and exchange rate fluctuations, and stabilizing earnings from exports in the long run. As economies integrate into global...

This article uses a nonparametric production frontier approach to investigate the operating efficiency differences by the impacts of capital expenditure and business model in the global semiconductor industry. Handling the impact of capital expenditure as a fixed input by the directional...

A new method for constructing R&D capital stocks is proposed. Following Schumpeter, the development of R&D capital stocks is modelled as a process of creative destruction. Newly generated knowledge is assumed not only to add to the existing R&D capital stocks but also, by displacing old...

In this article we investigate - both conceptually and empirically - the relationship between three interconnected elements of the Schumpeterian "engine of progress": the ability of industries' R&D efforts to turn out successful innovations; the ability of innovations to lead to high...

Despite the fact that growth theories suggest that natural disasters should have an impact on economic growth, parametric empirical studies have provided little to no evidence supporting that prediction. On the other hand, pure nonparametric regression analysis would be an extremely difficult...