This paper incorporates a global bank into a two-country business cycle model. The bank collects deposits from households and makes loans to entrepreneurs, in both countries. It has to finance a fraction of loans using equity. We investigate how such a bank capital requirement affects the...

We estimate the parameters of an elliptical distribution by means of a multivariate extension of the Method of Simulated Quantiles (MSQ) of Dominicy and Veredas (2010). The multivariate extension entails the challenge of the construction of a function of quantiles that is informative about the...

This paper reviews the theories of corruption in regulated sectors to further understand the impact of corruption and the ways in which it can be reduced. The aim is to draw out the policy implications of the different theoretical approaches and to examine the support that can be garnered for...

This paper aims at contributing to the literature on the relationship between research efforts and patent counts. It is claimed that the “propensity-to-patent” should be split into an “appropriability propensity” and a “strategic propensity”. The empirical contribution is based on a...

By using data collected through a survey containing newly enrolled student in Management Engineering at the University of Brussels, we show that even if all students do not come with the same chance of success at university, their working/studying behavior may lessen the burden of the past....

Intensification of university-industry interactions raises concerns about the potential negative impact it may have on the pace of scientific progress. This paper analyzes the relationship between academic patenting, research collaboration and quality of scientic output in a panel of 268...

In this paper we examine the robustness properties of a specific type of orientation in the context of efficiency measurement using partial frontiers. This so called unconditional hyperbolic-quantile estimator of efficiency has been recently studied by Wheelock and Wilson (2008) and can be seen...

We establish a general formula for the distribution of the score in table tennis. We use this formula to derive the probability distribution (and hence the expectation and variance) of the number of rallies necessary to achieve any given score. We use these findings to investigate the dependence...

This paper explores the link between the leverage of the US financial sector, of households and non-financial businesses, and real activity. We document that leverage is negatively correlated with the future growth of real activity, and positively linked to the conditional volatility of future...