We examine empirically returns to seniority in France and estimate cohort effects in both firm specific compensation policies and returns to job seniority. We demonstrate the biases in several estimators of returns to seniority and show that allowing firm specific compensation policies and...

This study considers the time series behavior of the U.S. real interest rate from 1961 to 1986. We provide a statistical characterization of the series using the methodology of Hamilton (1989), by allowing three possible regimes affecting both the mean and variance of the series. The results...

In this paper, we test a verison of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the period 1976-1992. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second...

Being able to monitor and asses technological developments represents an essential activity for an industry expected to be increasingly active in all of the regions of the world and in markets which require a wide array of differing technological configurations. This paper outlines the...

We describe an interesting application of the principle of local learning to density estimation. Locally weighted fitting of a Gaussian with a regularized full covariance matrix yields a density estimator which displays improved behavior in the case where much of the probability mass is...

We aim at modelling fat-tailed densities whose distributions are unknown but are potentially asymmetric. In this context, the standard normality assumption is not appropriate.In order to make as few distributional assumptions as possible, we use a non-parametric algorithm to model the center of...

In many situations, we want to verify the existence of a relationship between multivariate time series. Here, we propose a semiparametric approach for testing the independence between two infinite order vector autoregressive (VAR()) series which is an extension of Hong's (1996a) univariate...

Interorganizational relationships have greatly evolved during the last decade. Alliances, partnerships and networks have become most common for designating the way firms create new structures and organizational arrangements. Such a trend can be explained by various factors but the increasing...

This paper investigates some of the underlying forces that are propelling us towards the virtual economy. Special attention is brought to the industrial restructuring that is now taking place, to the role that virtual enterprises are playing in this transition, and to how these enterprises are...

We consider sequential data that is sampled from an unknown process, so that the data are not necessarily iid. We develop a measure of generalization for such data and we consider a recently proposed approach to optimizing hyper-parameters, based on the computation of the gradient of a model...