The permanent income/life cycle hypothesis is tested using Australian data for periods covering the regulated and deregulated financial systems. The hypothesis is rejected for the entire sample period. Further investigation reveals that the rejection is confined to the period in which the...

This paper investigates the generalized parametric measurement methods of aggregate operational risk in compliance with the regulatory capital standards for operational risk in the New Basel Capital Accord ("Basel II"). Operational risk is commonly defined as the risk of loss resulting from...

In this paper we present a class of binary choice models for panel data with the following features : (i) The explanatory variables are predetermined but not strictly exogenous. (ii) Individual effects are allowed to be correlated with the explanatory variables.

In this paper, we compare two different types of models for the duration of unemployment spells: the multiple phase duration model and the competing risks model. Both models allow for non-proportionality of the effect of the explanatory variables on the hazard function. The two models are...