Subjective Well-Being and the Family: Results from an Ordered Probit Model with Multiple Random Effects The previous literature on the determinants of individual well-being has failed to fully account for the interdependencies in well-being at the family level. This paper develops an ordered probit model with multiple random effects that allows to identify the intrafamily correlation in well-be...

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 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...

This paper investigates the UK wage curve using longitudinal micro data drawn from the first eight waves of the British Household Panel Survey (BHPS). We estimate a fixed-effects model that controls for observed and unobserved individual-specific heterogeneity. Our results suggest that there is evidence of a negative relationship in wage-unemployment space. The estimated unemployment elasticity...

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...

In the first half of the paper I study spurious regressions in panel data. Asymptotic properties of the least-squares dummy variable (LSDV) estimator and other conventional statistics are examined. The asymptotics of LSDV estimator are different from those of the spurious regression in the pure time-series. This has an important consequence for residual-based cointegration tests in panel data, ...

Using a research design that traces siblings’ preferences for postmaterialistic values in Germany over two decades, this paper provides new evidence on the origins of value preferences. Focusing on Inglehart’s thesis of value change, we test the combined socialization and scarcity hypothesis against the social learning hypothesis, a prominent rival account of preadult value preference formation...

We use a firm production function approach to generate estimates of total factor productivity (TFP) and labor productivity in the manufacturing sector for a group of Latin American countries. We exploit these estimates to study the relative position of countries within this sector and to explore the main correlates of firm productivity. We find that while the exact ranking of average TFP is sen...

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...

This paper uses a gravity model to assess ex-post regional trade agreements. The model includes 130 countries and is estimated with panel data over the period 1962–1996. The introduction of the correct number of dummy variables allows for identification of Vinerian trade creation and trade diversion effects, while the estimation method takes into account the unobservable characteristics of each...