Narrow search
Showing 1 - 10 of 142
Cover Image
Validating Structural Labor Supply Models
Löffler, Max; Peichl, Andreas; Siegloch, Sebastian - 2013
Although discrete hours choice models have become the workhorse in labor supply analyses. Yet, they are often criticized for being a black box due to their numerous underlying modeling assumptions, with respect to, e.g., the functional form, unobserved error components or several exogeneity...
Persistent link: https://www.econbiz.de/10010329346
Cover Image
A score-test on measurement errors in rating transition times
Rafael Weißbach, Rafael; Voß, Sebastian - 2014
We model credit rating histories as continuous-time discrete-state Markov processes. Infrequent monitoring of the debtors' solvency will result in erroneous observations of the rating transition times, and consequently in biased parameter estimates. We develop a score test against such...
Persistent link: https://www.econbiz.de/10010396725
Cover Image
Quality of Institutions, Credit Markets and Bankruptcy
Hainz, Christa - 2005
The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the bank?s decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...
Persistent link: https://www.econbiz.de/10010295971
Cover Image
Prediction of Insolvency of Hungarian Micro Enterprises
Boda, Daniel; Luptak, Martin; Pitlik, Laszlo; Szucs, Gabor - 2016
The aim of the study is to establish insolvency forecast model with the usage of different statistical methods and compare their efficiency. Besides this the relation and direction between indebtedness and financial distress is also part of the examination. With different approaches we nearly...
Persistent link: https://www.econbiz.de/10011920352
Cover Image
Are more severe recessions followed by stronger recoveries? Evidence from the Mexican states employment
Mejía-Reyes, Pablo; Vergara-González, Reyna - 2015
Balke and Wynne (1994, 1995), this paper evaluates whether recoveries growth depends on the characteristics of prior … growth rates of the tradable goods production sector and the federal government expenditure of the year the recoveries start … Artis, Kontolemis and Osborn (1998) that follows the spirit of Mitchel (1927) and Burns and Mitchel (1946). Recoveries …
Persistent link: https://www.econbiz.de/10011400606
Cover Image
Convert-to-Surrender Bonds: A Proposal of How to Reduce Risk-Taking Incentives in the Banking System
Berg, Tobias; Kaserer, Christoph - 2011
We argue that contingent convertible capital (CoCo-Bonds) might have perverse risk-taking incentives for banks (asset substitution problem) and discourage them from investing in positive NPV projects and issuing new equity in times of crisis (debt overhang problem). Whenever the conversion price...
Persistent link: https://www.econbiz.de/10010305972
Cover Image
An empirical model of health care demand under non-linear pricing
Winkelmann, Rainer - 2015
In 2004, the German Social Health Insurance introduced a co-payment for the first doctor visit in a calendar quarter. I combine a structural model of health care demand and a difference-in-differences strategy to estimate the effect of that reform on the number of visits. In the model, the...
Persistent link: https://www.econbiz.de/10011301623
Cover Image
A Generalized Two-Part Model for Fractional Response Variables with Excess Zeros
Schwiebert, Jörg; Wagner, Joachim - 2015
The fractional probit (or fractional logit) model is used when the outcome variable is a fractional response variable, i.e. a variable taking a value between zero and one. In case of excess zeros, the fractional probit model might not be the optimal modeling device since this model does not...
Persistent link: https://www.econbiz.de/10011301655
Cover Image
Are Consumer Expectations Theory-Consistent? The Role of Macroeconomic Determinants and Central Bank Communication
Lamla, Michael; Dräger, Lena; Pfajfar, Damjan - 2015
Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic expectations consistent with different economic concepts. We observe that 50\% of consumers have expectations consistent with the Income Fisher equation, 46\% with the Taylor rule and...
Persistent link: https://www.econbiz.de/10011301766
Cover Image
Location Modelling and the Localization of Portuguese Manufacturing Industries
Guimarães, Paulo; Figueiredo, Octávio; Woodward, Douglas - 2004
The recent index proposed in Ellison & Glaeser (1997) is now well established as the preferred method for measuring localization of economic activity. We critically review this index and build on the McFadden’s Random Utility (Profit) Maximization framework to develop an alternative measure...
Persistent link: https://www.econbiz.de/10011318726