We study linkages between stock exchanges’ proprietary data sales and trading activity by analyzing the introduction of a new data product, New York Stock Exchange’s Integrated Feed (NYSE IF). Consistent with trading and information on trading being complements, firms that subscribed to NYSE...

This paper documents a positive relation between bank competition and the penetration of bank accounts at the municipal level in Mexico. To account for potential biases in our regressions due to the endogeneity of market structure, we employ a two-stage estimation approach based on an...

In applications it is common practice to evaluate only the intra-individual differences if paired observations are obtained within individual subjects. In the case of fixed individual effects the corresponding analysis coincides with the standard Gauss-Markov approach while for random effects...

In this paper, we investigate the rate of convergence for general d-dimensional stochastic approximation procedures and present an explicit expression for the asymptotic bounds in the law of the iterated logarithm.