Estimation results obtained with production smoothing models are often imprecise and sensitive to normalisation rules. It is argued that production costs in these models can be better specified in terms of production factor costs. The resulting (factor demand) model with inventories leads to...

The timing of investment and capital stock accumulation can differ as a result of time-to-build or delivery lags. In this study calibration methods are used to illustrate the difference in these sources of gestation lags

A neoclassical factor demand model for structures, equipment and labour is analyzed. It incorporates a variety of dynamic specifications, such as a multi-period time-to-build for structures, internal adjustment costs for each production factor, and external investment adjustment costs....

The Multiplicative Error Model introduced by Engle (2002) for positive valued processes is specified as the product of a (conditionally autoregressive) scale factor and an innovation process with positive support. In this paper we propose a multi-variate extension of such a model, by taking into...

This paper traces in part the changes in the nature and extent of the regulatory role of the government over the years, and takes a look at some of the general principles which form the basis of regulation. We first review the market regulation scenario preceding and following the 2008 financial...

This paper analyzes the decision making process of adult children to provide informal care to their parents. First, we develop a structural model to explain the amount of time that only children (without siblings) spend on providing care, taking into account opportunity costs in terms of time...

Using administrative panel data on the entire population of new labour immigrants to The Netherlands, we estimate the causal effects of labour dynamics on their return decisions. Specifically, the roles of unemployment and re-employment spells on immigration durations are examined. The...

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of...

International mutual funds attract trillions of dollars and millions of domestic investors. Therefore, it's only natural that performance evaluation of this type mutual fund is becoming a common researched topic in finance. The purpose of this prospective working paper is to lay the ground for a...

In this paper, we study the individual payoff effects of overconfident self-perception in teams. In particular, we demonstrate that the welfare of an overconfident agent in a team of one rational and one overconfident agent or a team of two overconfident agents can be higher than that of the...