This paper contributes to the literature on interlocking directorates (ID) by providing a new solution to the two econometric issues arising in the joint analysis of interlocks and firm performance which are the endogenous nature of ID and sample selection bias due to the exclusion of isolated...

The performance of the airline industry has been widely studied using data envelopment analysis (DEA). Many existing DEA-based airline performance studies have used the standard DEA model, with some minor modifications. These studies have ignored the internal structure relative to the measures...

We analyse all the major sources of direct and indirect R&D subsidies in Norway in the period 2002- 2013 and compare their effects on individual firms’ performance. Firms that received support are matched with a control group of firms that did not receive support using a combination of...

Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...

Group-specific estimations can significantly improve the predictive power of accountingbased rating models. This is shown using a binary logistic regression model applied to the Deutsche Bundesbank's USTAN dataset, which contains 300,000 financial statements provided by German companies for the...

Firms are more productive on average in larger cities. Two main explanations have been offered: firm selection (larger cities toughen competition, allowing only the most productive to survive) and agglomeration economies (larger cities promote interactions that increase productivity), possibly...

We derive expressions for the Information Ratio (IR) that can be expected from directional market timing strategies. Our results hold as accurate approximations and lift Grinold's [1989] “Fundamental Law of Active Management” to an operational level. In addition, we separate “time series...

This paper is the first research attempt that investigates the impact of a large number of corporate governance mechanisms on the performance of Greek banks, employing widely accepted in the literature of corporate governance econometric models. Results indicate that system GMM models are more...

The recent financial crisis has heightened the research interest worldwide in the relationship between various corporate governance (CG) mechanisms and firm performance. Nevertheless, few published papers focus on investigating this nexus for the case of the banking industry. This study is the...