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Bias Correction in a Stable AD(1,1) Model

van Giersbergen, Noud P.A. - 2001

This paper compares the behaviour of a bias-corrected estimator assuming strongly exogenous regressors to the behaviour of a bias-corrected estimator assuming weakly exogenous regressors, when in fact the marginal model contains a feedback mechanism. To this end, the effects of a feedback...

Persistent link: https://www.econbiz.de/10010324780

The Impact of Lobbying on the Allocation of Political Authority

Falconieri, Sonia - 2001

This paper studies the internal organizational design of politicalinstitutions in presence of lobbying. We consider a legislature ascomposed of two bodies: the floor and an informational committee. Thefloor has the (formal) power to choose the policy to be implemented.The policy outcome is ex...

Persistent link: https://www.econbiz.de/10010324782

Stock Selection Strategies in Emerging Markets

van der Hart, Jaap; Slagter, Erica; van Dijk, Dick - 2001

Recent empirical evidence suggests that value and momentum strategies generate significantexcess returns in emerging markets. We confirm these results and extend them in severaldirections. First, we examine a broader range of stock selection strategies, including strategiesbased on analysts'...

Persistent link: https://www.econbiz.de/10010324784

Resilience: An Evolutionary Approach to Spatial Economic Systems

Reggiani, Aura; de Graaff, Thomas; Nijkamp, Peter - 2001

The concept of resilience has received a great deal of attention in the past decades. Starting fromthe first fundamental definitions offered by Holling, Pimms and Perrings in an economic-ecologicalmodeling context, the present paper explores the ‘evolution’ of the resilience concept – as...

Persistent link: https://www.econbiz.de/10010324786

Financial Markets as Nonlinear Adaptive Evolutionary Systems

Hommes, Cars H. - 2001

technical trading rules maysurvive evolutionary competition in a heterogeneousworld where prices and beliefs co-evolve over time …

Persistent link: https://www.econbiz.de/10010324787

Education, Growth and Income Inequality

Teulings, Coen N.; van Rens, Thijs - 2002

Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the private return to schooling. We present a simple explanation combining two ideas: imperfect substitution and endogenous skill-biased technological progress and use cross-country...

Persistent link: https://www.econbiz.de/10010324788

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - 2003

ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …

Persistent link: https://www.econbiz.de/10010324789

A Multicriteria Decision Support Methodology for Evaluating Airport Expansion Plans

Vreeker, Ron; Nijkamp, Peter; Welle, Chris Ter - 2001

Rational decision-making requires an assessment of advantages and disadvantages of choicepossibilities, including non-market effects (such as externalities). This also applies to strategicdecision-making in the transport sector (including aviation). In the past decades various decisionsupport...

Persistent link: https://www.econbiz.de/10010324790

Growth Regression and Economic Theory

Elbers, Chris; Gunning, Jan Willem - 2002

In this note we show that the standard, loglinear growth regression specificationis consistent with one and only one model in the class of stochastic Ramsey models. Thismodel is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciationrate and it implies that risk does...

Persistent link: https://www.econbiz.de/10010324792

Choice of Frequency and Vehicle Size in Rail Transport: Implications for Marginal External Costs

Rietveld, Piet; Dekkers, Jasper; van Woudenberg, Stefan - 2001

Frequency of services and vehicle size are important policyinstruments of railway companies. Extending Mohring's basic'square root model' for frequencies, we arrive at more generalformulations for frequency, vehicle size and price underalternative regimes of welfare and profit optimisation. It...

Persistent link: https://www.econbiz.de/10010324794