This paper proposes a test statistic for discriminating between two partly non linear regression models whose parametric components are non-nested. The statistic has the form of a J-test based on a parameter which artificially nests the null and alternative hypotheses. We study in detail the...

This work presents a theoretical framework to study if the motive for money-transfers within families is altruism or exchange. We propose models which explicitly incorporate transfers on education as an additional family transfer. Our models allows us to discriminate between the two possible...

This paper compares alternative time-varying volatility models for daily stock-returns using data from Spanish equity index IBEX-35. Specifically, we have estimated a parametric family of models of generalized autoregressive heteroskedasticity (which nests the most popular symmetric and...

Counterfactual decompositions allow researchers to analyze changes in wage distributions by discriminating between the effect of changes in population characteristics and the effect of changes in returns to these characteristics. Counterfactual distributions are derived here by recovering the...

The European Commission has identified two fundamental issues with the current model of taxation: namely the additional compliance costs borne by businesses that conduct cross-border trade when compared to those businesses that only trade domestically and the occurrence of VAT fraud. The...

In a previous work, Forner and Marhuenda (2001) find that the contrarian strategy, thatis, the forming of a zero-investment portfolio that buys the stocks that have performed poorly inthe past (losers) and sells those that have performed well (winners), does not yield abnormallypositive returns...

In our study we focus on the determinants of reputation and, in particular, on the relation between the quality of annual report disclosures of companies and their reputation. We try to bring together two strands of literature: the literature on corporate reputation and the literature on...