The purpose of this paper is to present a rank based approach to cross-sectionallinear factor modelling. The emphasis is on approximating factor exposures in aconsistent manner in order to facilitate the merging of subjective information(from professional investors) with objective information...

The paper examines UK PhD completion and withdrawal rates, in a competing risks framework, using the 1986 National Survey of 1980 Graduates. The statistical problem of thresholding of completion data is also addressed. We argue that our results suggest that there are problems with the use of PhD...

This paper examines British apprenticeships, their incidence, and their impact on labor mobility using the National Child Development Study Sweep 4. The apprenticeship was the principal form of training received by male school leavers at age sixteen in the 1970s. The paper estimates the...

Since L. P. Hansen's (1982) seminal paper, the generalized method of moments (GMM) has become an increasingly important method for estimation and inference in econometrics. This paper examines semiparametric quasi-likelihood approaches. Essentially, these methods embed sample versions of the...

This paper develops a new approach to the problem of testing the existence of a long-run level relationship between a dependent variable and a set of regressors, when it is not known with certainty whether the underlying regressors are trend- or first-difference stationary. The proposed tests...

In this note, the author derives inequalities on the Lorenz curve of an aggregate income distribution in terms of the Lorenz curves of its constituent parts. These parts are made up of different income sources in one case and different groups in another. These inequalities are applied to the...