Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment 'spikes'. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate investment...

This paper investigates the determinants of takeovers in a large sample of UK quoted companies. We focus on the channels through which the market for corporate control monitors company performance and discretionary managerial behaviour. Our results indicate that the market for corporate control...

Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment ‘spikes’. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate...

A definition of selfinformative Bayes carriers or limits is given as a description of an approach to noninformative Bayes estimation in non- and semiparametric models. It takes the posterior w.r.t. a prior as a new prior and repeats this procedure again and again. A main objective of the paper...

Unemployment durations are generally modelled by specifying the conditional probability of leaving unemployment (the hazard function). Existing studies for Britain all use very restrictive parametric specifications of the hazard function, mostly commonly Weibull in form. These restrictions...

In many applications, assumptions about the log-concavity of a probability distribution allow just enough special structure to yield a workable theory. This paper catalogs a series of theorems relating log-concavity and/or log-convexity of probability density functions, distribution functions,...

Generic relationships between heterogeneity in population frailty and flattening of aggregate population hazard functions at extreme ages are drawn from classical mathematical results on the limiting behavior of Laplace transforms. In particular, it shows that the population hazard function...

After a decade of structural reforms, unemployment rates have tripled in Argentina. This paper is concerned with the measurement of unemployment risk and its distribution. We show the importance of considering re-incidence in the measurement of unemployment risk and develop a methodolgy to do...