This paper presents a method for estimating returns to schooling that takes into account that returns may be heterogeneous among agents and that educational decisions are made sequentially.A sequential decision model is interesting because it explicitly considers that the level of education of...

Parameters in ARMA models are only locally identified. It is shown that the use of diffuse priors in these models leads to a preference for locally nonidentified parameter values. We therefore suggest to use likelihood based priors like the Jeffreys' priors which overcome these problems. An...

Little is known about how investors select socially responsible investment (SRI) funds.Investors in SRI funds may care more about social or ethical issues in their investment decisions than about fund performance.This paper studies the money-flows into and out of the SRI funds around the...

Abstract: The Pareto set of a multiobjective optimization problem consists of the solutions for which one or more objectives can not be improved without deteriorating one or more other objectives. We consider problems with linear objectives and linear constraints and use Adjustable Robust...

In this paper we study several issues related to the characterization of speci c classes of multivariate quadratic mappings that are nonnegative over a given domain, with nonnegativity de ned by a pre-speci ed conic order.In particular, we consider the set (cone) of nonnegative quadratic...

We estimate the impact of bank merger announcements on borrowers' stock prices for publicly-traded Norwegian firms.In addition, we analyze how bank mergers influence borrower relationship termination behavior and relate the propensity to terminate to borrower abnormal returns.We obtain four main...

In this paper we study U.S. unemployment dynamics using grouped unemployment data from the Current Population Survey over the period 1968-1992. We estimate a model that traces variation in these unemployment data, both over time and between demographic groups, back to the underlying variation in...