This paper investigates spatial panel data models with a space-time …lter in disturbances. We consider their estimation by both …xed e¤ects and random e¤ects speci…cations. With a between equation properly de…ned, the di¤erence of the random vs. …xed e¤ects models can be highlighted. We show that the random e¤ects estimate is a pooling of the within and between estimates. A Hausman type speci…c...

This paper develops a dynamic Luenberger productivity growth indicator and decomposes it to identify the contributions of technical change, technical efficiency change and scale change. The Luenberger productivity growth indicator is estimated using Data Envelopment Analysis. The empirical application focuses on panel data of Spanish meat processing firms over the period 2000-2010. The dynamic ...

We use a unique proprietary monthly panel data set on the operations of a large hotel firm to study the effect of vertical integration decisions on the pricing and performance (occupancy rate and RevPar) of individual hotels. Aggregate data patterns – which managers pay most attention to – suggest sizeable performance differences between franchised and non-franchised hotels. However, empirical ...

We analyze the consumption of non-life insurance across 103 Italian provinces in 1998-2002 in order to assess its determinants, in the light of the empirical literature. Using sub-regional data we overcome an important limitation of cross-country analyses, i.e. the systemic heterogeneity due to country-specific characteristics. Individual heterogeneity is accounted for through panel data techni...

Since the 1960s, rapid development of institutional investors is a prominent feature of global financial market. In china, full circulation of stock will realize after the completion of Split Share Structure Reform. Under the circumstance of institutional investors holding a large scale of stock, will they change their invest style? Whether they place more emphasis on value investment and conce...

Africa’s tourism potential is acknowledged to be significant but underdeveloped. This paper uses both cross-section data as well as panel data for the period 1996 to 2000 to identify the determinants of tourism arrivals in 43 African countries, taking into account the country of origin of tourists. The results strongly suggest that political stability, tourism infrastructure, marketing and info...

This paper stresses the links that exist between concepts that are used in the theory of model reduction and concepts that arise in the missing data literature. This connection motivates the extension of the missing at random (MAR) and the missing completely at random (MCAR) concepts from a static setting, as introduced by Rubin (1976), to the case of dynamic panel data models. Using this exten...