Faced with the need to adjust public pension systems to meet changing demographic, economic and social conditions, most developed countries have created government reserve funds to ensure macroeconomic sustainability. This paper aims to study the importance that this reserve fund plays in the...

This paper aims to explore the effect of the Algiers Stock Exchange listing on real earnings management. The study included 14 non-financial non-listed companies during the period 2015-2019 and six non-financial listed companies during the period 2010-2019. Due to the small number of companies...

When using vector autoregressive (VAR) models for approximating time series, a key step is the selection of the lag length. Often this is performed using information criteria, even if a theoretical justification is lacking in some cases. For stationary processes, the asymptotic properties of the...

Under the new regulation based on Basel solvency framework, known as Basel III and Basel IV, financial institutions must calculate the market risk capital requirements based on the Expected Shortfall (ES) measure, replacing the Value at Risk (VaR) measure. In the financial literature, there are...

As a vital component of entrepreneurship, innovation spirit is significant for innovation performance. Utilizing the 2015 China Micro and Small Enterprise Survey dataset, we used the Probit and Tobit micro-econometric models to study the relationship between the innovation spirit, research and...

This paper examines the role of corruption in the relationship between natural resources and exports diversifi­ cation 1980-2020) through the bound test of co-integration and the Fully Modified Ordinary Least Square (FMOLS). The main findings reveal that, natural resource accentuates export...

The purpose of this study is to analyse the influence of exchange rate shocks on foreign trade (exports and imports) of fifteen economies within the ECOWAS sub- region. To accomplish the goal of this paper, Autoregressive Distributed Lag (ARDL) procedure was employed to investigate the impact...

Building on the sequential identification result of Aguirregabiria and Mira (2019), this paper develops estimation and inference procedures for static games of incomplete information with payoff‐relevant unobserved heterogeneity and multiple equilibria. With payoff‐relevant unobserved...

We investigate portfolio selection performance as in Markowitz by evaluating variance matrix estimation criteria in the currency market. This study challenges theoretically rigorous shrinkage covariance estimators using multiple evaluation metrics: systematic loss function, risk profile of...

This paper examines tourism persistence in a group of Southeastern European (SEE) countries (Albania, Bosnia, Bulgaria, Croatia, Montenegro, North Macedonia, Serbia and Slovenia) by applying fractional integration methods to monthly data on foreign tourist arrivals and overnight stays. The...