A new Bayesian multinomial probit model is proposed for the analysis of panel choice data. Using a parameter expansion technique, we are able to devise a Markov Chain Monte Carlo algorithm to compute our Bayesian estimates efficiently. We also show that the proposed procedure enables the...

As the “new” economy which is supposedly mainly fueled by knowledge and ideas relentlessly marches on with globalization, intellectual capitals (IC), such as human capitals, structural and relationship capitals, are getting more and more attention, as they are expanding the horizon of the...

We model how a rent-protection motive drives the choice of flotation method in new equity issuance between two polar cases: rights issues and cash offers. Unexpected new blockholders would emerge in control-diluting cash offers and share in jealously guarded control benefits. But rights issues...