The aim of this paper is to provide a simulation-based analysis on the bahavior of the Durbin-Watson statistic as a misspecification test againstthe presence of unbalanced regressions among nonstationary fractionally integrated process. Theoretically, it is well-known that this statistic...

Managerial reputation could induce managers to make mixed blessing acquisitions for shareholders. From a managerail ability learning model, we show that managers' acquisitions may reduce the firm's solvency unless the acquisition return first-degree stochastic dominates the alternative action...

It is a well-known fact that in linear regressions involving the levels of nonstationary fractionally integrated process spuriously related, the Durbin-Watson statistic converges in probability to zero. In this paper, however, we prove using Monte-Carlo experiments that the behaviour of this...

This paper presents a useful theoretical and empirical modelling for a probabilistic evaluation of the bank risk states. Bank riskiness is related to a stochastic recursive profit function from which different positions arise. Provided that the bank's decision maker objective is to maximise a...

We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by...

Calculating explicit closed form solutions of Cournot models where firms have private information about their costs is, in general, very cumbersome. Most authors consider therefore linear demands and constant marginal costs. However, within this framework, the nonnegativity constraint on prices...

El pasado mes de julio el Ministerio de Hacienda y Administraciones Públicas hizo pública la liquidación del sistema de financiación de las comunidades autónomas de régimen común correspondiente a 2010, que marca la madurez del nuevo modelo acordado en 2009. En el presente trabajo se...

A graphical processing unit (GPU) is a hardware device normally used to manipulate computer memory for the display of images. GPU computing is the practice of using a GPU device for scientific or general purpose computations that are not necessarily related to the display of images. Many...

This paper describes the construction of series of educational attainment of the adult population insample of 21 OECD countries covering the period 1960-2010. These series are a revised version of the data set described in de la Fuente and Doménech (2002)

In this paper we study the optimal ex-ante merger policy in a model where merger proposals are the result of strategic bargaining among alternative candidates. We allow for firm asymmetries and, in particular, we emphasize the fact that potential synergies generated by a merger may vary...