This paper examines structural change tests based on generalized empirical likelihood methods in the time series context. Standard structural change tests for GMM with strongly identified parameters are adapted to the GEL context. We show that when moment conditions are properly smoothed, these...

Comparative statics for contests with two privately informed and ex ante heterogeneous contestants are analyzed. Strategies and payoffs are examined and it is shown that total effort may increase when one contestant becomes weaker. The second part of the paper considers dynamic contests in which...

This paper extends the multistage procedure set out in Fried et al (1999) to examine the importance of environmental factors when assessing the technical efficiency of water agencies. However, following Simar and Wilson's (2007) critique of multistage efficiency analyses, the paper uses a...

This paper utilizes tests for a unit root that have power against nonlinear alternatives to provide empirical evidence on the time series properties of the ex-post real interest rate in the G7 countries. We find that the unit root hypothesis can be rejected in the presence of a nonlinear...

This paper extends the work in Serletis and Shintani (2003) and Elder and Serletis ( 2006) by re-examining the empirical evidence for random walk type behavior in the U.S. stock market. In doing so, it tests the random walk hypothesis by employing unit-root tests that are designed to have more...

Canadian provinces have become increasingly concerned with possible contamination of water from upstream agricultural activities. Many see watershed-based source protection, so called “source-to-tap†programs, as a means of improving water quality. A key factor in the success of these...

In this paper, we propose a new approach to analyzing asymmetric first price auctions. Specifically, we examine winning probabilities, exploiting the connection between winning probabilities and payoffs known from mechanism design. This circumvents the need to look directly at bidding...

This paper utilizes tests for a unit root that have power against nonlinear alternatives to provide empirical evidence on the time series properties of the ex-post real interest rate in the G7 countries. We find that the unit-root hypothesis can be rejected in the presence of a nonlinear...

This paper proposes Pearson-type statistics based on implied probabilities to detect structural change. The class of generalized empirical likelihood estimators (see Smith (1997)) assigns a set of implied probabilities to each observation such that moment conditions are satisfied. The proposed...

This paper investigates the timing, frequency and the impact of structural breaks on the stability of the predictive content of a large number of financial variables for Canada's output growth. The forecasts are evaluated over two identified out-of-sample regimes using both the equal accuracy...