This note applies the results of Milliken and Graybill (1970) to non-nested regression models. A test proposed by Fisher and McAleer (1981) is shown to have the t-distribution in small samples. An extended version of that test is developed for testing a model against several non-linear...

This paper demonstrates that the extended linear expenditure system with durables (DELES) satisfies first-order conditions for local unidentifiability, and discuss alternative methods that might be used to achieve identifiability, as well as their implications. Estimates are presented using...

This paper analyzes a systems approach to expenditure on different commodities by formulating DELES, the extended linear expenditure system with durable goods. The complete system is fitted to seasonally adjusted quarterly Australian data using full information maximum likelihood. The results...

When coefficients of endogenous variables are known, two-stage least squares and instrumental variables estimators are invariant to the form in which these variables enter computations, as raw data or estimates. Exclusion of instruments and knowledge of coefficients are related to...

This note estimates the Linear Expenditure System (LES), the Extended Linear Expenditure System (ELES), and the Extended Linear Expenditure System with Durables (DELES), under two alternative error specifications using seasonally adjusted quarterly Australian data for 1959Q4-1976Q2. The purpose...

In this paper we examine a comprehensive set of 2,499 UK IPOs launched between mid-1975 and the end of 2004. We find compelling evidence of long run under-performance that persists for between 36 and 60 months post-flotation, depending on the precise method chosen to measure abnormal returns....

The UK is the only major country within the European Union the majority of whose listed companies have formed audit committees composed of non-executive directors to monitor financial reporting, the external auditors, and internal control strength. The adoption of audit committees in contrast to...

Purpose – This paper investigates the Jensen's free cash flow (FCF) hypothesis in the context of UK cash acquisitions. Under this hypothesis, financial slack induces mangers to acquire targets for cash if such behaviour generates either pecuniary or non-pecuniary rewards for them, giving rise...