We examine the impact of R&D intensity and agency costs on the value of firms across 13 economies. We find that R&D adds value while high agency costs reduce value. R&D adds value, however, even when agency costs are high. We show that in those firms where agency costs are high and R&D intensity...

In this paper, a new alternative beta risk estimator method designed to offer better results when coping with the situation of extreme thin trading is presented for Latin American stocks. The method proposed is applied to a set of data in which the estimator is adjusted for censoring, that is,...

This paper presents a method for estimating the effects of a policy change on an outcome distribution that uses a comparator quantile rather than a control group and provides methods for estimating the variances of the estimators. The empirical analysis presents estimates of “spillover”...

Job training is an important subject for discussion, since the skills on which an economy depends are largely created by the process of training. Various theories, especially the human capital model, have focussed attention on skill aquisition through training as a central determinant of...

This paper examines the extent of state dependence in unemployment and the role played in this by intervening low-wage employment. A range of dynamic random and fixed effects estimators are compared. Low-wage employment is found to have almost as large an adverse effect as unemployment on future...

One of the main differences between the labour market behaviour of men and women lies in the discontinuity of labour force attachment exhibited by most women over their lifetime - largely, but not exclusively, for the purpose of raising a family. These interruptions to their labour market...

Although there exists a wealth of data relating to the British labour market, there are a number of important issues for which reliance has previously had to be placed on small surveys or case studies in order to form an option. Thus it has been known for some time that men and women cluster in...

Empirical work on strikes has tended primarily to concern itself with the strike incidence, with the recurring finding that strikes occur procyclically. Less attendion has been paid to strike duration and the cyclical fluctuations it might display, although a variety of theoretical models have...

A semi-nonparametric estimator is presented for a series of generalized models that nest the ordered probit model and thereby relax the distributional assumptions in that model. A new Stata command for the estimation of such models is presented. The approach is illustrated using examples.