A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity investment in Europe, focusing on the comparison between CEE and Western European countries. Our estimation...

This paper presents some two-step estimators for a wide range of parametric panel data models with censored endogenous variables and sample selection bias. Our approach is to derive estimates of the unobserved heterogeneity responsible for the endogeneity/selection bias to include as additional explanatory variables in the primary equation. These are obtained through a decomposition of the redu...

Estimation of Productivity in Korean Electric Power Plants: A Semiparametric Smooth Coefficient Model This paper analyzes the impact of load factor, facility and generator types on the productivity of Korean electric power plants. In order to capture important differences in the effect of load policy on power output, we use a semiparametric smooth coefficient (SPSC) model that allows us to mode...

This paper provides a review of the literature on unit roots and cointegration in panels where the time dimension (T ), and the cross section dimension (N) are relatively large. It distinguishes between the first generation tests developed on the assumption of the cross section independence, and the second generation tests that allow, in a variety of forms and degrees, the dependence that might...

We analyze price adjustments in the housing market after an exogenous shock. Exploring continuous-time records of prices around a major European airport (ZRH, Switzerland), and an unexpected change in flight regulations induced by the neighboring country Germany, we find that apartment rents take about two years to stabilize to a new equilibrium value. After this period we find a constant marku...

The paper evaluates the effect of the FAMEX export promotion program in Tunisia on the export performance of beneficiary firms using firm-level data. Propensity-score matching difference-indifference and weighted least squares estimates suggest that beneficiaries expand at the intensive and the extensive margin (markets and products). However, this expansion is short-lived for total exports. Ou...

Several empirical studies are concerned with measuring the effect of currency and current account crises on economic growth. Using different empirical models this paper serves two aspects. It provides an explicit assessment of country specific factors influencing the costs of crises in terms of economic growth and controls via a treatment type model for possible sample selection governing the o...

Traditional empirical strategies for studying convergence—more generally, the dynamics and determinants of economic growth—can be misleading if important, underlying permanent or growth components are stochastically time-varying. This paper documents the degree to which this instability characterizes the data, and then offers an alternative empirical framework. This alternative—directly modelli...

I analyze the effect of inequality on growth over different time-frames. In a large cross-country dataset for the period 1950-2007 I find evidence of a short-run (5-year periods) and medium-run (10-year periods) inverse-U relationship between inequality and growth. In the long-run (20-year periods), however, inequality has a negative effect on growth in poor countries, and a positive effect in ...

This paper develops a new simulation-based measure of playoff uncertainty and investigates its contribution to modelling match attendance compared to other variants of playoff uncertainty in the existing literature. A model of match attendance that incorporates match uncertainty, playoff uncertainty, past home-team performance and other relevant control variables is fitted to Australian Nationa...