The purpose of this paper is to evaluate the performance of a sample of sixty-two precious metal mutual funds by applying a two-stage procedure. In the first stage, data envelopment analysis (DEA) is used to measure the relative efficiency of funds. In the second stage, a Tobit model is employed...

We present a methodology based on Fourier series analysis to compute time series volatility when the data are observations of a semimartingale. The procedure is not based on the Wiener theorem for the quadratic variation, but on the computation of the Fourier coefficients of the process and...

One of the most recently observed stylised facts in the field of economic growth is the persistent bimodal shape of the world income distribution.. Of course, some theoretical explanations for this new stylised fact already have been provided by neoclassical growth theory within a maximising...

 <font size="1">While the large portion of the literature on Markov chain (possibly of orderhigher than one) bootstrap methods has focused on the correct estimation ofthe transition probabilities, little or no attention has been devoted to theproblem of estimating the dimension of the transition probability...</font>

Many empirical studies consider either training activities of the unemployed or training activities of the employees in Germany. However, a comprehensive comparison of both groups is missing. The paper closes this gap. Using data of the latest time use survey (Zeitbudgeterhebung) of the Federal...

It is now widely recognized that the most commonly used efficient two-step GMM estimator may have large bias in small samples. This problem has motivated the search for alternative estimators with better finite sample properties. Two classes of alternatives are considered in this paper. The...

The ability of six alternative bootstrap methods to reduce the bias of GMM parameter estimates is examined in an instrumental variable framework using Monte Carlo analysis. Promising results were found for the two bootstrap estimators suggested in the paper.

This paper presents a non-sequential search model that allows for vertical product differentiation. In the unique symmetric equilibrium firms with different characteristics draw utilities from a common utility distribution, resulting in asymmetric price distributions. The model therefore...

We use information from two prospective British birth cohort studies to explore the antecedents of adult malaise, an indicator of incipient depression. These studies include a wealth of information on childhood circumstances, behaviour, test scores and family background, measured several times...

Using Archimedean copulas, we investigate the dependence structure existing between several series of financial assets log-returns that come from different markets. These series are considered as components of a portfolio and they are investigated on a long period including high shocks. To...